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Here’s the thing about money, it needs to be managed properly, sometimes expertly, for it to grow. And it’s okay if you don’t have the financial acumen to do it for yourself right now. You have financial advisors for that. Here’s what you can learn from the experts.
When it comes to saving up your finances and investing them into something worthwhile, it’s important to have a role model you can look up to. Here are some shared valuable tips and information from financial gurus.
Diversify your investment.
For Suze Orman, putting all your eggs in one basket could potentially be a huge financial disaster waiting to happen. If that lone basket or investment of yours goes down, you’ll lose all your money. Addressing the common concern of people about diversification given limited funds, she recommends an exchange-traded fund (ETF), which essentially operates in the same way as stocks do, just that this one has a tracking index. A no-load mutual fund is also something possibly worth looking into for beginners.
Most importantly, however, is that you get started early. With investing, you’re playing the long game so the sooner you start, the better your prospects are for the future.
Ignore the news.
Bo Sanchez, a Filipino lay preacher and bestselling author who gives sound financial advice, believes there are a lot of white noise that comes along with whatever is presented in the media. If you should invest, you should take the time to study the market you’re going to be venturing into and get your information direct from the source. He also swears by having patience as investing is something that should be done slowly and over time. It’s not a get-rich-quick scheme, after all.
Do your reaserch.
British financial adviser Frank Cochran’s investment tip, particularly for young folks who are still hesitant about taking the financial leap, is to do your homework and not just ride on bandwagons. Just because there is something that a lot of people are getting into does not mean that you have to do the same thing as well. Don’t follow the trends blindly. Read up and do research so that you can be as prepared as you can possibly be. Investing could easily be an exhilarating adventure that will yield you wonderful rewards if done right.
Save as much as you can.
“Always set aside 20% savings from your income” is Francisco Colayco’s classic and very tatay advice which should really come in handy in cases of emergency, investment in insurance, and more. Another very tatay tip from the local investment and financial guru: Don’t live beyond your means. Especially if you have a family, you should allocate your funds well, and better not spend them on expensive items you could otherwise spend on something less pricey. Adjust your lifestyle according to how much your income is.