Ido Fishman has always been a big proponent of having a secure financial future. He has time and time again mentioned that you should start saving up and investing your money in things that will provide you a decent payout that will help you lead a life of financial security. Just take a look around and you will learn that people who do not make smart investments often end up paying the price in the future. They pay the price through a variety of different things, be it hefty medical bills or trying to keep a roof over your family’s head. Whatever the case may be, you must avoid dire circumstances like these at all costs. Many people learn investment lessons like these the hard way. Many of them learn them when it is too late. That being said, you should not get discouraged if you are older and have not made savings and investments since your youth. It is never too late to start.
There Is No Shortage of Investment Opportunities
Besides savings, you should also be on the search for new investment opportunities all the time. This does not mean however that you should grasp any investment opportunity that you come across. You have to be really wise about it as there are tons of opportunities that although might seem lucrative in the beginning, will prove to be less than desirable in the future. There are a lot of people who are quite hasty and jump over any investment opportunity that they could come across and like we mentioned earlier, they end up paying a major price for it. You should avoid mistakes like these at all costs and first gain some knowledge regarding how an investment works. Listen to what the experts have to say and how they made it big through their investments.
Look For the Right Investment Advice
So, in case you are looking for sound financial investment advice, there would be no better person to provide that than Ido Fishman. For those who do not know, Ido Fishman has years and years of experience when it comes to making investments. He has been making different types of investments and still makes them whenever a lucrative opportunity presents itself. Rest assured, by understanding what Ido Fishman has to say, you will be able to make sound investments that will likely help you gain a significant amount of money down the line. That being said, you have to be really patient in the world of investment. One small mistake can end up costing you very dearly. So, instead of becoming a cautionary tale, it would be wise to take precautions and learn all the ins and outs of what investment is and how it works. Learn all the basics and the fundamentals to start your journey towards making your first successful investment and hopefully the next hundred as well. So, without further ado, here are some basic investment tips from Ido Fishman. These will come in handy for aspiring investors as well as seasoned investors.
As with any other endeavor in your life, you need to be completely prepared before you embark upon your investing journey. Quite a lot of people just enter it blindly without knowing anything about the art of making investments. Ido Fishman has seen his fair share of cases where people just entered any form of investment without any prior knowledge about them. He observed that although there were a select few cases where people did end up making big and earning a considerable amount of profits, most of the people ended up failing. Why? Well, they took the risk of learning along the way, which is never a good idea. Sure, there is nothing inherently wrong with learning along the way, but since your money is at stake and you do not have any investment experience under your belt, things could go really wrong. As a matter of fact, people end up losing all of their investments under certain scenarios. So, it would be a wise idea to be prepared before you blindly invest your money on a flashy investment opportunity.
This does not mean that you should approach your investment journey with fear in your heart. As a matter of fact, you should be completely brave and ready to endure any kind of trouble that comes in your way. If you master all of the basic investment tips that Ido Fishman has to offer to you, you will become an expert in no time. The best thing about the tips that Ido is offering is that you can apply them to almost any investment scenario out there. Be it real estate investment, investment in a business or any other form of investment, the tips will give you a sense of what you should do and the things that you should avoid doing at all costs.
Keep This in Mind Before You Invest Money
Whether you are making your first ever investment or your hundredth investment, it is important to keep in mind a few things. Being mindful of these things will help you to avoid a few pitfalls and also eliminate most of the obstacles that come in an investor’s way.
Clear Your Debts
This is one of the most important investment advice that you will get anywhere in the world. To a lot of people, it seems quite a basic tip but you will be surprised to find out how many people fail to follow it. There are a large number of people who find themselves drowning in different kinds of debts but still continue to make foolish investments. You may be wondering who they do that. Well, the answer to that is pretty simple. They think that the investment they are making will earn them a huge sum of money that will be big enough not only to set them up for life but also clear all of their debts. If you are wise, you will be fully aware of the fact that this is a major financial risk and most often ends up biting you in the tail instead of profiting you.
There are some people who even tend to take massive loans in order to make investments. This once again is a major risk that could cause you a considerable amount of trouble down the line. Ido Fishman says that if you want to start becoming successful in investments from the get-go, it would be wise to collect some money and set it aside only for the purpose of investments. In addition, you should only invest an amount of money that you do not have a problem losing. Some people tend to invest all of their savings into a single investment. What ends up happening is that the deal goes bad and all of their investment money goes down the drain.
Create an Emergency Fund In Case Things Go Wrong
Ido Fishman says that creating an emergency fund is vital to protect you from any unfortunate circumstance that arises with your investment. As we were discussing earlier, there could be plenty of things that could go wrong with an investment. Therefore, it is always a wise idea to create a financial backup in case anything goes wrong. Ido Fishman has seen tons of cases where people earned millions of dollars through making investments. However, once a troublesome situation arose, they were left high and dry for not having any sort of financial backup. Ido also says that once you create an emergency fund, you will no longer have the label of being a forced seller. Instead, you will be able to make major long term investments without worrying about your current or future financial situations. Creating an emergency fund is not as tough as it may sound. As a matter of fact, if you really look into it, it is really easy. The first thing that you will need to do is figure out the expenses that you make on an average month. Consider all of the basics expenses that you make while doing this as a simple mistake could lead to a massive miscalculation. Once you figure out the monthly expenses, you will be able to create a bulletproof emergency fund in no time. Just start setting aside the money that you can easily afford to save. Cut down on all the major expenses that are not proving to be productive or worthwhile for you and save them for your emergency fund.
Sure, saving up requires a considerable amount of patience and sacrifice, however, once you look back after a few months or even after a year, you will notice that the amount that you saved was worth the patience.
Know Your Purpose of Investing
Going head-on without knowing why you are doing something, to begin with, is a foolish way to start our investing journey. According to Fishman, you should spend a decent amount of time to understand the purpose you have behind making your investments. Only after you have figured out the whats and the whys will you be able to really put dedication and determination towards your investment goals.
You can put your money in serious risk if you plan to invest it without really knowing what your financial goals are. Most of the time, people who pursue investing in this mentality end up failing in their endeavors. With that being said, take as much time as you want to paint a big financial picture. Also, it is important to remind yourself that getting rich should never be your only goal. If you pursue your investing journey with this mindset, it could lead you towards a long, dark, and sketchy path. You will probably make several poor choices and end up hurting your investments. All things considered, there is no secret behind the fact that there is a lot of money to be made through investing and it is only possible if you create attainable goals that are also sustainable in the long run.
Get Investment and Financial Advice from Good Sources
This is the simplest yet most effective financial advice that you will find almost anywhere. However, not a lot of people follow it. There are tons of people in the investment world who have made their dreams come true. They use their deep knowledge and experience of their journey and help others to achieve their dreams as well. This is why there is no shortage of books, online financial news outlets, and various other sources that can help you gain a lot of knowledge about how investments work. Even Fishman took help and inspiration from a lot of his successful peers, it helped him to become the investing success that he is today. That being said, you should take everyone’s advice with a grain of salt as there are also plenty of so-called experts who give advice without knowing much about what they are discussing. Be wary of them and look at what they have actually achieved instead of looking at what they claim they have achieved.
Stay Away From Making Investments in Things That Do Not Make Sense
Once again, this might seem like a really simple piece of advice but you will be astonished to learn how many people fall into the trap of making investments in things that they fully do not understand themselves. Fishman claims that he has seen a large number of cases where someone influenced a non-experienced investor into investing their money into something that they fully do not understand. What ended up happening most of the time is that these people ended up losing their money in most situations. Ido Fishman always says that you should always be wary of the moment when Dollar bills start flashing in front of your eyes. You should do everything in your power in order to avoid impulsive investments as more often than not, they turn out to be fruitless.