Kevin Harrington’s 3 Simple Tips to Help You Get Rich
Investing is essential on a professional and personal level. On a personal level, it can help you increase your wealth, build your retirement pot and top up your savings.
For a business, investing helps to make the most out of your profits, and allows you to take on opportunities that may have once seemed out of reach.
But to really see the true value of investing, you’ve got to get it right.
It Starts With Investing LOW…
“If a business does well, the stock eventually follows.”
– Warren Buffett
There are hundreds of thousands of stocks and shares to invest in, and it can be tempting to invest while the price is high. But, a smart investor knows that it’s better to buy low, and sell high.
Low-priced stocks are often overlooked by a market’s attention fixated elsewhere, so if you can get yourself in on the ground floor, and buy a stock for ¢10, then sell it for $5 you’ve made a solid, sensible and powerful investment.
If you can do that over, and over you’re suddenly seeing sustained investing success, so buy low and play the long game!
It Helps To Diversify…
“All you need for a lifetime of successful investing is a few big winners, and the pluses from those will overwhelm the minuses from the stocks that don’t work out.”
– Peter Lynch
Again, at the time it can feel like the best option is to “put all your eggs in one basket” and invest all your money into one thing. The temptation is huge. But, by doing that you’re at risk of blurring the line between investment and gambling.
If it works, sure you’ll be in the money, but if it doesn’t, you’ll be in serious trouble.
That’s why you need to diversify your investments, so if a particular deal falls through, you have a safety blanket of three or four others to falls back on (at least!)
Don’t ever go “all in” when investing.
It Ends When You Say It Does…
“In investing, what is comfortable is rarely profitable.”
– Robert Arnott
You should be in control of the investment, not the other way around. Before you invest, set yourself a limit or price and develop an exit strategy to get out when you reach that particular goal.
Too many people let the investment dictate them, and get into the “let’s just see” cycle which more often than not ends badly.
There’s always going to be another stock, share, deal or investment, but there’s not always going to be an endless pot of money if you don’t make the right decisions in advance.
When it comes to investing, every journey is different, but by following these 3 simple tips, you can avoid many of the rookie errors of investment, and go on to see higher, more valuable returns.
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