STREET DOGS: There is no magic potion in the investment world
There is no quick road to riches and time-tested rules can build wealth
“There is no magic potion in the investment world,” warned Burton Malkiel in The Random Walk Guide to Investing, “because one doesn’t exist. There is no quick road to riches. If an investment idea seems too good to be true, it is too good to be true. What I offer are 10 simple, time-tested rules that can build wealth. Think of them as the proven way to get rich slowly.”
Start saving now, not later. Don’t worry about whether the market is high or low — just begin investing. Keep a steady course. “The most important driver in the growth of your assets is how much you save.” Pay yourself first (even before paying bills), change spending habits and, most importantly, pay off debt.Don’t be caught empty-handed. Open an emergency fund. Purchase life insurance.Stiff the tax collector. Make the most of anything that helps to “reduce the bite that taxes take out of your money”.Match your asset mix to your investment personality. Based on your risk tolerance and your investment horizon. ...
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