Over the last week, I found myself thinking about what a new investor might want to know or be mindful of as they start their financial freedom journey. Considering I haven’t reached financial freedom yet, I thought I would list some investing advice I’m taking to heart, advice that never seems to go out of style. Hopefully the advice below helps you, words of wisdom you’ll consider adopting if you haven’t already done so. Let me know what rings true to you in a comment below.
It doesn’t matter whether you make a return of 2 percent, 5 percent or 10 percent on your investments if you have nothing to invest – Burton Malkiel and Charles Ellis, financial authors and legendary academics on investing.
There is always more to learn about the final financial frontier: yourself – Jason Zweig.
Before you can really start setting financial goals, you need to determine where you stand financially – David Bach.
You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets – Peter Lynch.
The past is the past. What matters now is making the correct decisions today – Carl Richards.
The money you pay in money management fees is the money you never keep for yourself – My Own Advisor.
The investment business is a giant scam. It deletes billions of dollars every year in costs and fees from investor’s pockets. This is why most investors should own index funds, to keep their investment costs low. This means the winning strategy for investors is simply to accept market returns – Larry Swedroe.
If done properly, successful investing entertains as much as watching clothes tumble in the dryer window – William Bernstein, financial author.
The only investors who shouldn’t diversify are those who are right 100% of the time – Sir John Templeton, legendary investor.
What investing advice do you keep top of mind? Anything above stand out for you?
Without a dream, there is nothing;
without a plan, it can only happen by chance;
Plan to realize your dream, and live a happy life.
~ Phil Cassidy
Nice one Phil! Thanks for sharing.
I like ALL of these quotes. I think it’s good to take advice from people who have been successful in things. Recreating the wheel is far too difficult so you might as well take a path that has been pre-forged.
Thanks Daisy! I also like to learn from others, whenever and wherever I can, finance is no different.
I really like the first quote you have listed “It doesn’t matter whether you make a return of 2 percent, 5 percent or 10 percent on your investments if you have nothing to invest”.
Young people getting started need to understand that it takes money to make money.
Here’s the key to financial success:
“Spend less than you earn and invest the rest.”
cheers,
Kanwal
ps: Invest wisely and avoid high fee mutual funds, otherwise financial success will just be a mirage.
Here’s the key to financial success: “Spend less than you earn and invest the rest.” Trademark that 🙂
Thanks for your comment Kanwal. I look forward to taking your course soon.