Welcome to Safe Investing (Part 1)
Number 1: Have a plan! The old cliche is true, nobody plans to fail but many fail to plan. Having a comprehensive financial plan in place understanding your goals and proactively managing your investments are never a bad idea.
Number 2: Have a cash cushion. The emergency fund is always a classic best like an insurance policy. You hope to never use it but if you do it’s there when you need it.
Number 3: Live below your means. If you make it a habit to spend less than you earn it will be much easier to survive if your earnings decline. Losing your job is never fun but losing your house and car tool can make the situation significantly worse.
Number 4: Nothing is risk-free. Even money market buzz can be problematic. Don’t put money in an investment even if it’s being sold to you by your best friend with the idea that there’s no way you can lose money. Bernie Madoff’s friends learned that lesson the hard way.
Thanks for watching this video. Be sure to leave your comment and like or share if you found this content helpful. Also be sure to join us for part two later this week.