Finance

Build your Wealth Slowly

Some of the best advice I ever received was take your time and build your wealth slowly. I once had an opportunity to buy five cars and was in the position to do so, but when the man told me the deal was only good for that day I automatically new I needed to slow down. I talked him in to giving me an extra day so I could have my friend look at the cars, I told him he was my business partner but he was actually my mechanic. After my friend looked at the vehicles he told me that I would have to rebuild the engines on two of the cars and another needed a transmission, this would have caused me to lose over $4500 and what I thought was a great investment opportunity would have turned into a nightmare. You see, you must take your time, do your research on any investment and build your wealth slowly, rushing into an investment may be a costly decision.

Seek Advice

I personally have a Financial Advisor that I meet with three times a year. I also call him for advice on any investment as long it is within his realm and he has time to talk. I also speak with Dr. Allen who has her masters in finance  and teaches Finance at Texas State University. I recently had a very nice conversation about my retirement plan with Dr. Davis who also has a masters in Finance and teaches at Texas State University. I explained my retirement plan to her and she gave me some excellent advice. There are countless magazines , web sites, bloggers and people who have been in our shoes who love to talk about how to make money, all you have to do is ask.

Start Small and keep it Simple

I started with investing with $1000 and opened an on-line trading account with Chase. Its free to open and you only pay fees when you buy or sell your mutual funds or stocks. You can even purchase certain mutual funds for free with a minimum purchase.  I like to hang on to my mutual funds for at least six months so I can give my investment time to grow and only look to see how its doing one time a month. By only looking one time a month you take the stress out of it and just have faith in your decision that you researched so diligently. Remember to only invest what you are comfortable with or you will be a nervous wreck. For some pros and cons of investing in mutual funds click here.

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