What if you could post some “Rules for Financial Success” on your refrigerator…what would those rules be? Well, our moneyman, Certified Financial Paul Fain has some ideas.
PAUL WHAT IS THE FIRST RULE FOR SUCCESS THAT WE ARE GOING TO POST ON THE FRIDGE?
Things to avoid at all costs!
- NO market timing
- NO permanently losing capital (don’t buy high and sell low!)
- NO financial salespeople
- NO mingling politics with investing
WE DO WANT TO ENCOURAGE SOME FINANCIAL BEHAVIORS IN MODERATION RIGHT?
Moderation is best!
- Checking account balances frequently
- Watching financial media
- Worrying about finances
AND WHAT ARE THE FINANCIAL SUCCESS RULES TO ENCOURAGE AND APPLAUD?
- Increase your savings rate
- Avoid unnecessary investment friction (taxes, expenses)
- Diversify your assets and income
Invest in yourself!
- Go to class
- Acquire skills