What's the best investment advice that you've been given? For me, I think it was many years ago from a former boss of mine. Essentially, he said that it was important to be in the game. If you're not in the game, you can't win. It's the type of advice that catches all kinds of things, but he was basically saying that if you avoid investing there's no chance of seeing any benefits. What advice worked for you?
My old man worked in the finance industry and since he heard lots of sad tales about poor investment choices and losses suffered, he was always offering investment advice to anyone who was willing to listen. The best investment advice I heard him give is this: Risk not investing money in anything that will not at the very least pay back the exact money you invest. All you'd lose in any venture is, time.
As whatever someone chooses to invest in - will only be an investment if there is a return on the funds invested and that is only likely if there is a future market for the chosen investment - my advice was and still is. That anyone thinking of investing their hard earned cash - should always do their homework and thoroughly research the chosen marketplace before doing so - regardless of whether or not they have an investment adviser - as failure to do so can result in quite the opposite of what was first intended - with in some cases a complete loss of funds or even debt.
Best investment advice would be to not let your money sit in the bank. People think just letting your money rest in the bank would count as savings. If you really think hard on it, investing means marketing your money and making it grow. Most banks just give you between 2 to 3% per year. That's a tad bit too small compared to when you put up a business, invest in stocks or mutual fund or money market.
An old girlfriend hipped me to mutual funds and doing it at a young age. My grandmother worked for BofA, so she had many money-saving tips that I use today. However, I think it's best for a person to educate themselves before giving anyone money.
I think yes, do your own research before relying on so called investment professionals. I think that getting involved in investment clubs may be a good idea as well. I mean it is possible to do well with the right investments but you need to know what they are first. It is important to do.
