Tips to Make More Money
6 years ago
Money. We all want to make more and invest well it well, but most of us don’t have the time to follow the over 50,000 stock and funds recommendations by “the experts.” So here are five money-making and investments tips that could help you make better “money” decisions:
1. Save at least 10% of your net take-home pay. Can’t seem to save? Mostly it’s a matter of discipline. Make a budget. Cut back on discretionary expenditures and create an automatic savings plan.
2. Invest in a diversified group of low-cost, no-load index funds. That way if one is a stinker, you’ll have other funds that balance out your portfolio.
3. Think long term. The more you trade, the less you’ll make. Investment winners know the power of waiting. They’re in it for the long haul, and they aren’t hit with frequent transaction fees and taxes.
4. Focus on the power of compounding interest. Compounding interest can turn a small investment into a sizable sum of money over time.
5. Buy quality, proven index funds, with long-term track records. When you buy solid funds, you won’t be tempted to sell, and the long-term investor almost always wins the race.