FOURTH, you must protect your assets. Any investment made must be prudent and wise. You do not want to expose the principle (the amount you have been saving, ie. 10% of your income) to loss. It is the money that your savings makes that would have any exposure but even with that money be prudent and wise.
RECOMMENDED ACTION: Start saving 10% of your income each pay period and place that amount in a guaranteed investment, (money market, certificate of deposit, bonds, savings account). Once the interest starts to grow, look for an investment opportunity for that interest income. The investment should be prudent and wise but does not have to be guaranteed. This may be your business venture or the business venture of someone you know who is prudent and wise. Your initial investment in another person's venture should be small and have a pay back within a short measureable timeframe. As the business and the person continues to prove themselves, your investment can be larger and for a longer term. Remember, the money invested here is just the investment income off of your guaranteed savings.
Leave your comments here or contact us at http://www.ythlaw.com/
RECOMMENDED ACTION: Start saving 10% of your income each pay period and place that amount in a guaranteed investment, (money market, certificate of deposit, bonds, savings account). Once the interest starts to grow, look for an investment opportunity for that interest income. The investment should be prudent and wise but does not have to be guaranteed. This may be your business venture or the business venture of someone you know who is prudent and wise. Your initial investment in another person's venture should be small and have a pay back within a short measureable timeframe. As the business and the person continues to prove themselves, your investment can be larger and for a longer term. Remember, the money invested here is just the investment income off of your guaranteed savings.
Leave your comments here or contact us at http://www.ythlaw.com/
No comments:
Post a Comment