Become Your Own Financial Advisor by Warren Ingram

Author:Warren Ingram
Language: eng
Format: mobi, azw3
Tags: YOUR STEP-BY-STEP GUIDE TO FINANCIAL PEACE OF MIND!
ISBN: 9781770226197
Publisher: Random House Struik
Published: 2013-06-03T07:00:00+00:00

8

Investments 101

At the time of writing, the world is still coming out of one of the worst recessions in living memory. Many investors seem to be losing their capacity to deal with the massive uncertainty that we have experienced since 2008, a phenomenon I call investor fatigue. In the midst of all of this, it’s understandable if you feel a little at sea, and wonder if stashing your money under the mattress might not be a safer bet. After all, some of the world’s largest financial institutions have been brought to their knees.

But the theory behind the investing business is quite simple, and it’s easy for anyone to implement over time. On the flip side, however, successful investing also requires patience and discipline, without which financial independence is beyond most people’s grasp.

The key is to focus on the things you can control, and understanding how investments work is a good start. But there are also other factors you can control to ensure that your personal financial ship is able to navigate the choppy waters ahead.

We can say that there are five basic steps to follow if you want to become financially independent:

Create a realistic budget.

Make sure you have no bad debt.

Build up a cash safety net.

Reduce and eventually eradicate all debt.

Build your investment portfolio.

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