Over the years investors have made mistakes with their investment choices. The following are “Pearls of Wisdom.”
- A big mistake is taking investment advice from people who are not qualified to give it (neighbors, accountants, attorneys). Get financial advice only from the professionals who devote their lives to it.
- The biggest mistakes you can make with your money are neglect, procrastination and being complacent. Many people need motivation. Those that accept change will do better.
- You make money by using your brain and lose it by listening to your heart. Cut your losses quickly on ventures where you have been wrong.
- The true secret of successful investing is knowing which ones to avoid.
- Every year evaluate and reset your goals.
- Markets change continuously and so must you. What worked in the past may very well not work this year. Accept change.
- Find a company that focuses on what matters to you, not what they must sell you.
- You can’t be sentimental about your investments and make money from them.
- If you aren’t clever enough at selling stocks, you’ll soon see your profits turn into losses. When in doubt, get out!
- Love your spouse, your children, but don’t love your stocks. There is no guarantee they will be good to you in the future. The stock doesn’t know you own it. It’s a piece of paper.
- Conservative investors sleep well.
- Hire an advisor who does the right thing and does things right.
- The individual who acts now, not later, is the one who ends up with more money.
- None of the secrets of success work unless you get going.
- Financial prosperity is the result of good planning.
- Every morning I get up and look through the Forbes list of richest people in America. If I’m not there, I go to work.
In need of a good plan? Call Lifeguard Financial to get and stay on track.