One of the mistakes most take to heart are the expensive ones. I’m not talking about shopping mistakes (but those do count), I’m talking about investing mistakes. You may be investing in the stock market or other new business venture, but truthfully, when it tanks, it hurts. It hurts especially when you know you could have done things to prevent it.
I’m no financial wizard or investment guru. I’m an amateur. Technically, I can only give amateurish advice. One day, when I grow up a bit more or become a billionaire (whichever comes first, but I’m seriously hoping it’s the billionaire part), I could probably give more in-depth advice. Or seeing as these are only three, just MORE would be a huge improvement.
1. Never Trust Anyone with your Money
It’s your (supposedly) hard-earned cash, no one will take better care of it than you. Or at least, no one would care more if it was gone.
2. Never Invest in Anything that You Do not Fully Comprehend.
When investing, you should always know the business structure inside and out. Know how your money will be returned, where it will go. Never settle for mere skeletal details.
3. Trust your Instincts.
Don’t hesitate to stop something when your gut tells you it’s no good. Saying No just might save you a lot of money.
It’s not rocket science. There’s not even a mention of the word, “inflation” in those three eetie-beetie suggestions. I’ve always felt that using that word lent you some finance street cred or something. Or was that “liability”? But no matter, I think these are still sound learnings. It wouldn’t hurt to try, at least.
Escrow, Depreciation. Percentage loss. Hey look, I’m doing it already.