#146 Investing 2020 Style

UNLOCKING THE SECRET OF LIVING RICH | MONEY MASTERY | FINANCIAL FREEDOM

For longtime listeners, this guidance may seem repetitive. But even if I stressed this point every month, it may not be enough. Investing in risky assets like stocks and corporate bonds should never be the first step you take in building wealth and establishing financial freedom. It should be one of the last. But why am I doing this again? Well, somehow COVID had make people think that they can be an investor in their down time. My son, and many many of his friends have invested with the App Robin Hood. The app makes recommendations on trades and even teaches you to day trade. While some of these elements are great - there are some big big cautions you need to take before even think about investing. All investors – and I mean all – must go through these mission-critical preparatory steps first...

• Clearly Define Your Investment Goals
• Know Your Investment Horizon
• Understand Your Risk Tolerance
• Clean Up Your "Personal Balance Sheet"

Then you can invest in the top two tip I have this week.

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