There’s an old joke. Why did God create economists? To make weather forecasters look good.
The truth is, no one knows what the economy, or the various markets, are going to do.
I used to think there were a list of secrets that smart people, mostly men, knew. And if I could just get my hand on that list, I’d finally understand money.
But as I grew smarter, it became apparent. There are no secrets. But there are smart things that smart people do.
Here are five of them that really helped me.
1. Trust your intuition—most smart women tell me they made their worst mistakes when they didn’t trust their better judgement.
2. Learn from your mistakes—too many women become paralyzed by their fear of making mistakes. But smart women told me their biggest blunders were actually their best teachers. You can minimize those mistakes by following the next 3 suggestions.
3. Go slow—take time to educate yourself and develop a game plan,
4. Start small. Invest regularly. Diversify broadly.—invest small amounts of money, on a regular basis, among various categories, or asset classes, putting only what you can afford to lose in any single investment.
5.Understand what you’re buying—never put money in anything you don’t understand. Not only do you not know what you’re buying, but you won’t know when it’s time to sell.
What’s the best investment advice you ever received? Leave me a comment.
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