Ordinary People, Extraordinary Wealth by Ric Edelman

Author:Ric Edelman [Ric Edelman]
Language: eng
Format: epub
ISBN: 9780061802294
Publisher: HarperCollins
Published: 2001-05-15T00:00:00+00:00

A $500 investment must gain 100% to reach $1,000—even though the investment only lost 50%. Thus, it’s twice as hard to grow as it is to fall.

The investment might indeed grow 100%—but it could take much longer for this to happen than for an alternative investment to achieve this goal. Refusing to sell and move on could prove very costly in terms of future missed opportunities.

Your feelings that “there is no loss until I sell” is unshared by anyone else. Say a stranger offers to buy your car from you, and you agree on a price of $10,000. The stranger offers to pay you with shares of a stock that are currently worth $5,000. When you object, the stranger says, “But it was worth $10,000 when I bought the stock!” This makes no sense to anyone but the stranger.

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