We are all inundated with advice from the web, T.V and print on the best ways to invest our funds in order to achieve financial freedom. These range from the best stock tip of the day or week to advice on which commodities are the most sensible at any given time. The information usually comes from those who have a good track record and have amassed personal fortunes of their own.
We took a look at some of those so called experts what the best advice they ever received was and how it impacted their decisions in the future. Let’s see if it still proves true in the economic climate of today.
One expert asserted that the best advice they ever received was to “pay yourself first”. This has actually become a quite common piece of advice and is expounded on by many other financial wizards even today. The crux of the advice is to always withdraw a certain amount of your income and to put it away. Save, save, save. This is timeless advice and obviously still holds sway even today. You have to remember to take a percentage of your earnings and essentially keep it for yourself even if that requires that you sacrifice something you may want but do not necessarily need.
Another great tip that is handed down is to forget everything you may read or see on T.V with regard to investing in a certain stock. By the time you have heard the news about a “great” stock that is a hidden gem you have in a sense already missed the boat. By the time you are able to get in it is most likely already been exploited by the “experts” and the insiders and the price will reflect that. Basically you will be buying it at top price and hoping beyond hope that it continues that ascent, most times it does not. So, forget about what you hear on radio, T.V or in print as it is already too late.
Another financial expert clearly remembers the advice he received and it truly does stand the test of time. The advice was to read and understand the old favorite The Tortoise and the Hare. The implication being that slow and steady wins the race. Following “get rich quick” schemes are ultimately a course for disaster. As you can see this is a very small sample size of advice given and received over the years but they all hold true for today.
The world of finance has changed dramatically over the years with more and more products being introduced every single day. Seek advice only from those who have proven their abilities over the long term. Anyone who says they know something that no one else knows is usually full of something and it is not advice. Make sure the person you are seeking advice from is acting for your best interests and not their own.