Just because somebody’s smart enough to build a fortune or a very large nest egg – doesn’t mean that they know everything there is to know. In fact…
The odds are that many of the newly wealthy haven’t a clue as to how to manage their money once it reaches seven figures – and while some figure it out – a majority make a few “rookie” mistakes…
The kinds of mistakes that could cost them millions in profit.
One of the biggest?
Not investing their money sooner.
Understand that when/if you find yourself coming into a lot of money – and we’re talking those seven figures and up – many people tend not to do anything…
It could be because they like to see that big number in their account or simply for the fact that they just don’t know. So, instead of doing something dumb – they do nothing.
Not that there’s anything wrong with it, per say, except the fact that while their money is in an account – be it savings or checking – it could be making ZERO dollars in interest. Savings accounts just a little better than zero – but not much.
One of the great things about having money – is how much MORE money it can make you. Accountants and money managers call this “putting your money to work for you” and it’s a tried and tested way for the uber-rich stay the uber rich.
But waiting is just ONE of the mistakes that newly rich people tend to make…
One of the others has less to do with the “when” and more to do with the “what.”
If you were to put together a meeting with the biggest names in the investing world – and we’re talking people like George Soros, Warren Buffett, Carl Icahn or Ronald Perelman – if you asked them what is probably the smartest and safest investing techniques, they’d all come back to you with one word…
One of the other mistakes that the newly wealthy make is putting too much of their money into one trading vehicle.
How often have you heard about some millionaire that invested most, if not all, of their fortune into some company – only for it to go belly up – leaving them penniless in process?
Unfortunately, it’s too common of a story – especially on Wall Street.
So – one of the smartest things for the wealthy, or even the NOT so wealthy, is to diversify their portfolio as to mitigate the risk.
Sure, you may also be limiting your profits this way – but better to have ten different vehicles bringing you in an average of 7% than the chance to double your money on one vehicle that could lose 100% of your investment.
Better to spread the risk and limit the reward than put all of your eggs in one basket.
Now, I’m sure I’m not telling you anything you don’t already know…
But I see it as my duty to remind my readers and subscribers that we’re all in the same boat. Sure, some of the passengers have a little bit better accommodations – but we all have to make smart decisions to keep our vessels afloat.
GorillaTrades, by design, is naturally diversified. My system scours the Street for the picks that have the highest probability of bringing my subscribers the FASTEST profits possible.
I’d love to invite you to join our ranks as we continue to do our very best to make our subscribers the most money possible.
However, if you choose to continue to go at it alone – I just hope you keep the tips and information I give you in mind – it’s meant only to help!
“Nobody made a greater mistake than he who did nothing because he could do only a little.” – Edmund Burke