your career, and I would extend that to your investments. If you want to invest in oil and gas, read everything you can get your hands on – and find the experts and grill them too. Then stay in touch with new trends, market shifts, demand curves – and all other critical variables in the sector. If that seems too difficult, then find a business that you can understand and track – see principal #10.
at questioning our wisdom (conventional) with their views (enlightened). It would serve us well to look at our investment choices in a similar light – questioning the appropriateness of the risk and the fundamentals of our holdings. We often take far more time to analyze new investments than we do reviewing the advisability of continuing to hold current assets that may now be underperforming.
4. Expand your advisor base – develop new relationships Investment advisors come with various backgrounds and expertise. They often earn their fees from commissions charged based on the advice they proffer. While that model may serve the investor well in times of growth, it can be unnerving when those commissions only serve to increase losses. Seek out new advisors – perhaps those that have little to gain from managing your money. Attorneys, CPAs, or simply seasoned investors may be additional voices to add to your portfolio of counselors.
6. Invest on fundamentals – then be ready to change when fundamentals do This is a bit of Warren Buffet type advice. If the economy is in decline, look to industries that are may be impervious to the downturn. If you need income, perhaps you should be lending directly, instead of investing in CDs. Banks are no longer providing loans to very qualified individuals – and that will open up significant opportunities to individuals to privately lend – including within their IRA.
5. Challenge conventional wisdom (teenager rule) For those of us that have teenagers – non are better
7. Leverage your knowledge with others Join a group that is populated with investors with similar goals and interests as your own. For example,
Challenges tested the wisdom of successful dynasties. Now is no dif ferent; to evolve and stay on top you
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