x
Save Religiously – save at least 10 % of your gross income, more the better. The first step is to curb your spending. Outside of a few things, spending rarely brings joy. Identify the things you truly enjoy spending money on and forget the rest.
Many people do the exact opposite of saving. They spend money they don't have in pursuit of some unachievable happiness.
Invest for the Long Term - Why do you need to invest? Because real freedom comes from income and income comes from invested savings. The earlier you start the better; a good place to start is buying an index fund like the S&P 500.
One of the reasons index funds work better for individual investors than "actively managed funds" is the fees involved. Fees and taxes only take a little bit of your money at a time, but add up to tens or hundreds of thousands of dollars over the years.
Consider Risk - most successful investors pay far more attention to the other half of the risk reward
ratio... Return means nothing without considering risk. Use Trailing Stop Loss alerts to protect your gains and limit your losses.
Daniel F. Iuculano, AAMS CMFC
Accredited Asset Management Specialist
Chartered Mutual Fund Counselor
