Making Money Minute with Ron Hiebert - Hope Isn’t A Strategy
Investors as a rule are an optimistic bunch. Most will be able to tell you what they will do if a stock they purchased goes up. They generally have a target price, and plans for the money, once it reaches that goal. Yet very few ever think about the downside. What if the investment doesn’t work out? Why might that happen? What actions need to be taken if the investment does go south? Sell? Buy more? If so - at what price? When a stock tanks, most investors just hang on for the ride, hope things change and it goes back up. Unfortunately, hope isn’t a strategy.
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Making Money Minute with Ron Hiebert - Hope Isn’t A Strategy
Investors as a rule are an optimistic bunch. Most will be able to tell you what they will do if a stock they purchased goes up. They generally have a target price, and plans for the money, once it reaches that goal. Yet very few ever think about the downside. What if the investment doesn’t work out? Why might that happen? What actions need to be taken if the investment does go south? Sell? Buy more? If so - at what price? When a stock tanks, most investors just hang on for the ride, hope things change and it goes back up. Unfortunately, hope isn’t a strategy.
Making Money Minute with Ron Hiebert - Making VS. Keeping Money
Making big dollars and keeping the money you made are two very different skill sets. Professional athletes are often great earners but pathetic savers. Nearly four out of 5 retired NFL football players are bankrupt or under financial stress. In the National Basketball Association, 2 out of every three retired players are broke after 5 years. Earning huge amounts of money, tricks you into thinking that the windfall will never end, and there is no need to learn good savings and investment skills. Unfortunately for most, the dream has a sad ending.
Making Money Minute with Ron Hiebert
Making Money Minute with Ron Hiebert - Hope Isn’t A Strategy
Investors as a rule are an optimistic bunch. Most will be able to tell you what they will do if a stock they purchased goes up. They generally have a target price, and plans for the money, once it reaches that goal. Yet very few ever think about the downside. What if the investment doesn’t work out? Why might that happen? What actions need to be taken if the investment does go south? Sell? Buy more? If so - at what price? When a stock tanks, most investors just hang on for the ride, hope things change and it goes back up. Unfortunately, hope isn’t a strategy.
