SIMCEL ONLINE

Here are 30!

1. Ideas don’t count. In investing in business. Implementation is everything
2. Read a lot. It will read income, investments and in every way.
3. Invest in low cost index funds and to an extent, bond funds, but keep allocation of bonds low in your 20s.
4. Over-performance doesn’t last so don’t get too excited if you have 1–2 good years. Again, applies in investing and even personal business
5. Don’t try to time the markets
6. Focus on holistic financial planning. Income, spending and investment returns…..getting 10% a year on $500 isn’t the same as 8% on $20,000 or $2000,000 , let alone once you have more. Compounding really is key.
7. FX, coins and many other things called investments aren’t investments they are speculation
8. Don’t date seriously until late 20s or 30, and be careful with spending too much money dating
9. All investments, including FX, can and do make money short-term. That doesn’t mean you should engage in them.
10. Remember, markets rise long-term so no need to fear falls. In fact, best to welcome any falls!
11. This time probably isn’t different. All the things you here about have happened many times before.
12. Don’t speculate or take shortcuts
13. Take what the media, your family and friends say with a pinch of salty
14. Time is a free lunch in investing. Time in the markets matters a lot as it reduces risks and increases total gains due to compounding. Investing in the S&P500 for 3 years? That’s a bit risky, even though you have a 80% chance of being up? 10 years? Not very risky. 25 years? It has never happened when you are down and getting good investment results for 25 years beats excellent results for 3 years.
15. Focus on specific financial plans, aims and objectives
16. The world is changing. Focus on personal branding, online leverage and other activities.
17. Start your own business only after getting experience in the area
18. Watch spending habits but have a balance
19. Never try to impress others with spending
20. Spend how millionaires really spend, not how you think they do, or how the media likes you to believe they spend money.
21. Don’t spend money on new cars
22. Take calculated risks whilst you can
23. Don’t assume success will be maintained
24. Learn from the mistakes of others, and your own mistakes
25. Have some money in bonds as well as stocks and rebalance
26. Pay off credit card debts
27. No need to pay off student loans in many countries because it is more like a graduate tax whereas credit cards are 16%-18% interest per year
28. Have some very specific financial goals.
29. Spend less time with toxic people and more time with quality people. You become who you associate with
30. Finally, wealthy people are more likely to look like this:

Than this

Credit: Adam Fayed