600 bits of Smart Financial Advice
We sent our Members a 20 question survey in 2022. Question 19 was this:
"What piece of Smart Financial Advice do you have for other Members?".Over 600 answers included 13 references to stop losses, 18 references to subscribing to Marcus Today, a number of references to Marriage (as always) and a lot of motherhood statements. Here are some of my favourites:
- Most rich investors are very dull people and there's a good reason for that.
- Be decisive. Indecision is a decision.
- Scared money doesn't make money.
- Work a job you love and you’re basically getting money for free.
- When you’re young bite off more than you can chew and chew like buggery.
- Buy slowly, sell too soon.
- The chance of a lifetime comes around every 6 months.
- As a 27-year-old and just a toddler in the investment world, I have little to offer other than subscribe to Marcus Today.
- Live below your means (Don’t like this one really ?)
- Charge your kids rent.
- Stockbrokers and Real Estate agents will tell you that you do not need to time the market - I believe that is incorrect.
- Use stop losses dispassionately. (Lots of references to learning to sell).
- Never sell. (Take your pick!)
- The first issue to be addressed is to establish your net worth – assets vs liabilities. The sooner in life you do this exercise, the sooner you will become aware of your wasteful spending habits and make adjustments so that you have sufficient funds to achieve your retirement goals.
- Invest in memories, not luxuries.
There were so many answers we had to put them in a PDF. Click the image below.
We hope you find some wisdom in there – we did.
More about the author – Marcus Padley
Marcus Padley is a highly-recognised stockbroker and business media personality. He founded Marcus Today Stock Market Newsletter in 1998. The business has built a community of like-minded investors who want to survive and thrive in the stock market. We achieve that through a combination of daily stock market education, ideas and activities.