As you go along, you might make a few investing blunders, however there are big blunders that you completely should avoid if you want to be a successful investor. For instance, the greatest investing blunder that you could ever make is to not make investments at all, or to put off investing till later. Make your income work for you even if all you can spare is $20 per week to invest!
Although not investing at all or postponing investing till later are big blunders, investing before you are in the monetary position to take action is one other big mistake. Get your present monetary situation in order first, after which start investing. Get your credit cleaned up, pay off high interest loans and credit cards, and put a minimum of three months of lifestyle bills in savings. As soon as that is accomplished, you are ready to start letting your income work for you.
Don't make investments to get rich quick. That's the riskiest type of investing there is, and you'll more than likely get burned. If it was easy, everybody would be doing it! Instead, make investments for the long term, and have the patience to weather the storms and enable your cash to grow. Only make investments for the short term when you already know you will need the cash in a brief period of time, after which stick with safe investments, such as certificates of deposit.
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