Quote: (08-04-2013 05:14 PM)Majestic Wrote:
Someone needs to start a thread called "Beginners Guide To Investing". I want to invest but at a total lost when it comes to this kinda stuff...
Majestic, I think the first getting into the right mindset. Meaning really dedicate yourself to making and saving money. Some people discuss the "how to" vs "intention". How tos are readily available and people make a lot of money telling people "how to". But intention/desire/ganas needs to be there first before one can ever get to the how tos. This is a crazy thought - but bear with me - let's say someone told you that you had to build a house in 6 months and if you didn't succeed something bad would happen. I am sure you would figure out how to get it done. With investing, same thing, get your intention up and your natural desire will let you find information to support you.
Not saying you do this, but others will make New Year's resolutions to go back to the gym and lose weight, they hit it hard for a week and then shit happens and they stop showing up. Gyms love it because they still collect fees without having to provide a service. Their intention wasn't very strong in wanting to lose weight, as evidenced by the steep drop off in gym attendance after New Years.
Making and saving money is mind over matter - heavy dedication effort.
I suggest one book first - Richest Man in Babylon - you might read it and say it is too simple - but it lays the most basic and critical principles for building wealth.
Investing involves understanding your risk profile, so if I were you, I would figure out what your risk profile is. Just know cautious investing gets smaller returns and aggressive investing can get you wiped out.
Also go over to http://www.pfblogs.org/ - start reading about others and their wealth building/investing efforts.
Hope this helps.
Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."
Women and children can be careless, but not men - Don Corleone
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