Full Article
One of the most common goals of all people I deal with is to be rich or financially independent. Theirs many definitions of financial independence but the one I will use here is the ability to live off either capital or other investable assets.
Yes most people want to be rich but very few people are willing to pay the price to become rich. The result of this is that too many people that want to be rich get caught in many get rich quick schemes and eventually lose everything.
The world’s third richest person, Warren Buffett, once said that it never stops to amaze him that people will indulge in “quick rich†schemes and gambling in a bid to gain riches, but are unwilling to get unbelievably rich slowly by adopting tried and trusted methods.
The first step in achieving financial independence is to spend less than you earn. To achieve this you will have to be able to track where your money is flowing or put differently, what you spend your money on. To do this effectively you will have to make use of a budget. Many people flinch when they hear the word, budget. This is because we don’t want to feel hemmed in, we want to do what we want without having to account for our actions. Unfortunately without a budget and sticking to it you won’t be able to free up the necessary cash to start investing toward your goals.
Once you have freed up capital to invest you should select an investment strategy that has the best chance of achieving your financial goals in the shortest time. Research over many years by various local and International research firms have shown that a good quality equity unit trust or share portfolio has the best chance of providing superior returns over time. Today there are excellent unit trust equity funds available to achieve this goal. Make sure you choose a fund manager with a good long term track record.
The third key to becoming rich or financially independent is to allow your chosen fund to achieve its stated objectives over time. In other words you need to stay invested in the fund through the ups and downs that you are going to experience. Research has shown that investment markets did excellent over time bt that investors that invested in these funds did poorly. This sounds ridiculous but the evidence showed that when markets fell investors got scared and bailed out of their chosen fund to park the money in a money market fund until the markets stabilized again. This is called “market timingâ€, the belief that you can second guess investment markets.
You need “time in the market†not “market timing†to allow your fund time to achieve the maximum compound interest. If you switch funds regularly or jump in and out of the market you could incur capital gains tax and costs that will erode the growth on your portfolio.
|
Businesses that match your interests:
4 Anything Current Content Feed
|
Lowbed Trailer Hire and Abnormal Load Transport Call 0720345219
Lowbed trailer hire and Abnormal load transport solutions. South Africa and Cross border heavy transport. On site heavy transport up to 1000 Tons.
Truck with lowbed trailer for hire in Johannesburg, Bloemfontein, Pretoria, Durban, Witbank, Polokwane, Upington, Kriel, Klerksdorp, Richards Bay and Port Elizabeth.
We do the accompanying provinces:-
Limpopo
Mpumalanga
Gauteng
North West
Kwa-Zulu Natal
Northern Cape
Eastern Cape
Free State
Western Cape
We do cover the cross border countries such as Zimbabwe, Botswana, Namibia, Zambia, Zaire,etc.
Hire a lowbed for your transport needs. Our lowbed hire service includes long and short term truck and lowbed trailer options. Hire a lowbed.
Call 0720345219
Email: rentals@edentransport.co.za | |
1.6 years agoView Business
|
|
Medanta hospital saves cancer patient with 'Hipec' chemotherapy during surgery
his is one of the first-of-its-kind efforts in the Eastern India to have a patient suffering from a dreaded ailment and she was treated with HIPEC Treatment In India, while carrying out the surgery. Thanks to the competent doctors like Dr. Ashok Vaid based at the state of the art run hospital called medanta hospital that helped in saving the life of a patient who was suffering from ovarian cancer
Visit : https://www.101pressrelease.com/medanta-hospital-saves-cancer-patient-with-hipec-chemotherapy-during-surgery/ 5.2 years agoView Business
|
|
Gastric Balloon Weight Loss May Improve your Health
5.2 years agoView Business
|
|
Servicenow Online Training in Hyderabad by SV Soft Solutions
SV Soft Solutions provides best Servicenow Training in Hyderabad. Training gives trainees online sessions and hands on experience implementing servicenow and covers all real time scenarios with examples.
Schedule and attend free demo here!
http://www.svsoftsolutions.com/courses_servicenow.aspx
USA: : +1-845-915-8712
India: +91-9642373173
Mail: info@svsoftsolutions.com
Website: http://www.svsoftsolutions.com 6.2 years agoView Business
|
|