By Pam Krueger
In accordance with the preferred public tv sequence MoneyTrack, The MoneyTrack procedure provide you with the foundations, ideas, and methods that let actual humans of all earning to develop into profitable traders. guidance you clear of the get-rich-quick mentality that sinks such a lot of, this publication exhibits you ways endurance and making plans repay, in addition to how solid making an investment conduct bring about higher total monetary healthiness. packed with in-depth insights and real-world examples, The MoneyTrack procedure outlines the time-tested ideas of clever making an investment, and indicates you the way others have already utilized them.
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Extra resources for The MoneyTrack Method: A Step-by-Step Guide to Investing Like the Pros
Furthermore, an investment in an S&P 500 index fund is less risky than buying individual stocks. Because you are more diversified, you expose yourself to less risk. You’re betting on a bigger chunk of the market, not just one stock. Dollar Cost Averaging On MoneyTrack, we asked which investor made $1 billion in just one day. Here’s a clue: It wasn’t Earl or me. It’s one of the following four people: a. b. c. d. Peter Lynch Warren Buffett George Soros John Bogle The answer is George Soros. Most of us would be happy if our investments went up $100 in one day.
You don’t need to guess when is the right or wrong time to invest. To implement an effective dollar cost averaging strategy, you should continue investing through good times and bad. The strategy relies on a systematic approach, not one where you pick and choose when to invest. If you skip your regular investment because you think shares are too high, you undermine the strategy. You can’t raid your principal when you’re short of cash. Automatic investment plans make it easy to implement a dollar cost averaging strategy.
As we learned from Earl, it’s our attitudes about investing that determine whether we’ll be wealthy. If you’re negative, impatient, and unmotivated, it’s going to be difficult to follow the same course as Earl, even if you make much more than he does. Although you may be frightened to take that first step, you can become more sure of yourself and build your confidence. All of us would do well to model Earl’s calm, consistent, and disciplined approach to saving and investing. We need to avoid behavior that causes us to make stupid investment decisions.