Would you like to make a million dollars? Undoubtedly, the
answer to that question is yes! After all, who wouldn’t want to be a
millionaire? And, while, unfortunately, there is no tried and true strategy for
becoming a millionaire, there are some pretty good role models you can take
your cues from.
One of them is Warren Buffett, a very, very rich man who got
that way through smart, disciplined investing.Of course, even he wasn’t
perfect, and he definitely made some mistakes along the way, which is why it’s
smart to not follow his example TOO closely.
One thing Buffett did that was dangerous was to invest the
vast majority of his money in stocks. While this can sometimes lead to great
returns on your investment, it is also very risky, so unless you can stand to
lose a lot, it’s probably not the best choice. You’d be much better off having
some stocks, a few bonds, and a mix of other investments of varying degrees of
risk.
Though not perfect, Buffett is still a pretty great role
model. One of his best strategies was holding onto stocks for a very long time
and never letting rumors or slight dips in their value cause him to get
reactive and sell stocks quickly and in a panic.
No financial role model is going to ALWAYS be perfect;
therefore, you shouldn’t follow every move anybody makes, but you can
definitely learn from people like Buffett and, even better yet, from a
trustworthy financial adviser who can help you to make smart choices with your
money.
Qualified investment advisers can look at what you’ve got to
work with, what your goals are, and then help you to develop a diverse
investment portfolio that, while it might not make you Warren Buffett, can
definitely help to put your money to work for you.
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