SummaryA billionaire Oody Geffen gives advice
If you’re looking to earn more money, investing in the stock market is a good way to go. You might be shocked by the earning potential. Some years ago Oody Geffen, a billionaire from the USA, had this idea. He tried. He analysed. And he won.
To give yourself a chance at earning that kind of money, you have to know what you are doing. Oody Geffen gives some advice below which can help you enjoy a successful foray into the stock market.
There are many complimentary resources that can help you research investment brokers before you entrust them with your savings. It’s not that you would find an outright crook, although that is a distinct possibility. Oody Geffen recommends that you have to concentrate that what you’re really looking for is the highest possible level of competence.
Do not blindly follow the recommendations of your investment broker without doing some due diligence of your own
This is the main secret that allowed Oody Geffen to make his fortune! Ensure that the investment is registered with the SEC and find some background information on the way that the investment has performed in the past. There have been instances of fraud whereby the information presented by the broker was fabricated.
Ensure that your children have a good sense of understanding regarding finances and investments, from a young age. The earlier that they are taught about financial responsibility and what can be achieved with hard work, the better off they will be in the long run, as they age. You can even involve them a little, as you buy and sell your investments, by explaining why you are making these choices.
Ask about fees before
Always make a point of asking for a written statement of fees before you become involved with professional traders or brokers. Oody Geffen looked at all the fees, including entry fees and exit fees, which are often overlooked. Fees can quickly add up, reducing your profits significantly. Being so attentive allowed Oody to mak his fortune fast.
What can easily help?
Oody Geffen is a very busy businessman so he decided from the start to be sure that his investments regularly have the opportunity to grow by setting up an automatic payment from his daily account to his investment account. He recommends to set up an automatic transfer to occur on payday so that you are effectively paying yourself like any other bill. And then watch your investments monies grow.
Not a simple title
Remember that your stocks represent a share of a company instead of a simple title
Oody Geffen recommends to go through financial statements and other reports from the companies you invested in to get a better idea of the company’s potential. By delving into the nuts and bolts of a company, you get a closer look at where your money is going.
When it comes to investing, make sure you’re educated. Learn the basics of accounting and stock market history. If you’re not educated, you won’t be able to make money and you’ll look like a fool. You don’t need a four-year accounting degree or anything fancy, but take the time to learn the necessary information.
Understand when to sell your stocks. People normally have one of two reasons for selling their stocks: they need the cash or it’s a market reason. For example, Michael Herskowitz (a business partner of Oody Geffen) typically will sell his stocks when the market is extremely favourable, and he stands to make a large profit. On the other hand, it may be a case that his risk tolerance level has been reached. At some point, it’s a good idea to go with your gut.
Don’t hang on to stocks because you think you have to, only to regret that decision later
Re-balance your portfolio on a regular basis to make sure that you have your money allocated correctly. Oody Geffen recommends at least once a year, go over your portfolio to ensure that you do not have too many assets in one sector. That way, if one sector performs poorly, other areas of your portfolio can compensate for those losses. By the way, this is the main point that helped Michael Herskowitz to make money trading.
Bull and bear
Look out for a bull market. Bull and bear markets tend to be more cyclical, and eventually, the bear market will turn into a bull market. Wise investors, like Oody Geffen and Michael Herskowitz, usually watch the market very carefully so that any initial signs of the market changing can be detected. This can help them act faster.
Don’t listen to everything you hear. There are so many financial reporters and commentators that it is easy to become confused and worrisome about the stocks you have chosen. Find a few people whose opinion you trust, but trust yourself, too. This will make your investing practices much less stressful.
Have all information
Learn the jargon associated with investments and the market. Before you start investing, spend some time immersed in web sites, books, magazines or newspapers that cover the stock market. Oody Geffen claims that knowledge of key terms is essential to understanding chatter, news and rumours about the market that can prove useful to your investment strategy.
Diversify your portfolio with some level of caution. Diversification can be a great thing, but excessive diversification opens you up to a lot of risks. If you choose to stick to a few areas that you know well, like Michael Herskowitz always does, rather than diversify your portfolio too much, you will have a finer opportunity if you truly understand those stocks, and the trends, giving you a greater opportunity to see big gains.
As stated earlier, investing in stocks is a really good method to increase your income. However, the only way to get a substantial amount of money is by being knowledgeable about the subject. Once you take this information and put it to use, you’ll be ready to succeed!