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Praise for Rocking Wall Street ". . . the only four investment strategies you will ever need. .. I dare anyone to read this book and not wake up to the realitiesof Wall Street, and change their investing habits on thespot." —Steve Trager Watson Retired CEO and CIO of the hedge fundWatson Investment Partners, LP "A true Renaissance man and teacher, Gary Marks adeptly exploresfour investment strategies that can achieve strong results andpeace of mind-two concepts usually considered mutually exclusive inthe world of Wall Street investing. Using his vast experience andfolksy storytelling, Gary provides lessons, anecdotes, andstrategies that will help readers find multiple levels ofsuccess." —Mitch Levine Founder and CEO, Enable Capital Management "Rocking Wall Street brings a musician's heart and soul to theinvestment process, balancing strategic investing with 'living yourlife.' Marks's creative approach is sure to strike a major chordwith both new and seasoned investors." —Kerry Paul Altman, PhD Clinical Psychologist "Rocking Wall Street tips the scales over to the side of theinvestor and away from the hype masters and media 'experts,' whoselures and promises all seem to vanish in a bear market." —Michael J. Sell Former auditor, CPA, InvestmentConsultant
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In devising your own personal investment strategy, it's vital that you take a holistic, whole-of-life perspective rather than the more narrow money making perspective Wall Street publicizes. From this holistic point of view, there are four main strategies that should be used to manage both your professional life and your investment portfolio:
"Safe and successful are two words that should never be separated when considering how to invest your money. Commit to creating a portfolio that hedges risk first and foremost, and that you never again succumb to gambling your money away—even if the reward seems great. You need to know how much is enough. Don't be constantly interested in beating the stock market every year, or having more money than your richest friend or neighbor. As soon as you grasp this key principle, you allow yourself the freedom to look beyond the End Game and find out what else life has to offer."
To invest successfully, you have to first get your own emotions under control so they won't work against you. To do this, you need to think about two key concepts:
What do you personally define as the end game of your investment activities?
How well do you understand the three basic concepts of hedging your investment bets?
If you can learn to hedge your emotions as well as your investments, you're well on the way.
How Do You Define Your End Game?
What would you define as the "end game" of all your personal investment activities? This is not something a lot of investors typically spend time on. Perhaps you've always automatically assumed the goal is obviously to keep increasing your personal assets until you have everything you and your family could possibly want. There are, however, a few problems with that kind of definition of the end game:
■ Do you want to spend every waking hour of your life managing your investments, or do you want more free time? If you're like most people, creating free time for spending with your family is of incalculable value and therefore you're willing to hire other people to do some of your stuff so you can have more free time.
■ If you don't have a definitive end point where you have enough money, how do you know when you've won the game? Perhaps investing is something you'll always be doing all your life so you can leave as big a nest egg as possible to your children.
■ Do you see successful investing as more of a craft or an art? The craftsman understands the basics of investing and knows how to carry out a robust due diligence to separate the hype from the true picture. Once you master the craft and know how to accumulate wealth safely, your artistic dimension can then come to the fore and influence what you do. You'll always need to hit a good balance between the art and the craft in investing to feel good about what you're doing.
■ Is it possible for you to visualize a situation where having to manage your investments becomes more of a burden to the kind of life you want to live rather than a benefit? Admittedly, this may be extremely hard to visualize when you're first starting out. There are, however, actually people in the world who spend all their time making more money so they can buy new toys (airplanes, yachts, fantastic houses) that they never have the time to actually use and enjoy themselves. Instead, these rich people hire staff to maintain and look after their assets for them while they work hard on accumulating even better toys. Perhaps that's your idea of a problem you'd like to experience. Or it may seem so far away you're happy to cross that bridge when you come to it, but unless you take the time to define your own end game, you're setting yourself up to get on a treadmill that is very hard to get off later on.
Sufficient Funds to Stop Investing
So what is the goal of the end game? Logically, the goal is relatively simple:
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