Rules for investing
Making money through investing requires researching and evaluating different investments. Being able to see the difference between an investment and a purchase is an essential first step.
- Know your worth before you begin. To reach the finish line, you must first know where the race begins. The best way to do this is by drawing up a list of your assets and liabilities. Once you have figured out where you stand, find out your attitude towards investing.
- Do not invest and forget. Don’t think your work is done after you make an investment. You need to monitor and review your investments and take corrective measures if they go off track.
- Be prepared for a financial emergency. Will you be able to manage your finances if you lose your job today? Financial planners advise that one should have a buffer fund to take care of a financial emergency.
- Give precedence to retirement savings. Before you pour money into a child plan, make sure your retirement savings target has been met. Retirement planning should be your first and most important financial goal.
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