If you work from a loss, it's much harder to get back to where you started, not to mention earn gains.
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Part of investing in yourself should be learning about managing money. Risk comes from not knowing what you're doing. Educate yourself about personal finance. Read a lot. Make sure you get to bed smarter.
Invest with the future in mind. A tree planted today will give shade in the future. Nurturing seed of financial success now will lead to shade later on, for example, freedom from debts, a secure retirement or college fees for your children.
You lose money when the price you pay does not match the value you're getting. For example, when you're paying high interest on credit card debt or spending on stuff you hardly use....
Warren Buffet built his wealth by getting interests to work for him.
For the average investor, Warren Buffet advocates for index funds.
Most of your behavior is habitual. You can change your habits and the earlier you start, the better.
Saving is a habit. Learn the habits of saving properly early. Pay attention to your money habits. Strengthen those habits that help your finances, and break the habits that hurt your finance...
To ensure security, always keep cash or cash equivalent reserves available.
Businesses and individuals may desire to put liquid cash to work through investments. When bills are due, only cash is legal tender. Be sure to have it on hand.
Warren Buffet said that if you're in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99 %.
You can enrich your life and others' by giving back.
You are your own biggest asset. Invest as much of yourself as you can. Improve your own talents and make yourself more valuable. Nobody can tax or steal it.
If you are addicted to your salary there is no way you can become rich.
Keep your friends close and your enemies closer!
Unbelievable how basic these are, but they made Buffet one of the richest man alive.
More like this
We all have loss aversion, preferring to avoid losses even with the opportunity cost of gaining profits. Losing money, in fact, is a necessary rite of passage that most are not okay with.
The best investors are the ones losing money, but who are smart enough to never lose more than 10 per...
Ramit Sethi lists his favourite approaches to money:
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