One day I was chatting with a friend about investments and how she was handling her financial future. Her reply was such a surprise that I started stammering. She said that since she did not go to college, she feels she has no qualifications to join the world of finance and investments, so she stays out of the game.
This was really unnerving to me. I am certainly no financial professional, not a broker or consultant. My family has always had a trusted group of financial people managing our stocks including trades, and we depend on them to keep things on the straight and narrow where our precious money is concerned. That works for my family. I also am aware that I am constantly after my financial gurus asking them questions about things I don’t understand and gathering information about how the stock market works and finding out how I can help them help me. This is pretty much my investment education and it is ongoing.
A College Education is not a Necessity
I would like to dispel one investment myth once and for all. That myth is that you must have in your possession a Harvard MBA to have any chance of successfully investing money in the stock market. If this is the only obstacle to your financial plan, get over it. You do not need a fancy diploma to put your money to good use in the financial markets.
Stock trading, especially if you’re working with a team of experts who are more in tune with the ins and outs of the market, doesn’t require a college degree. Or really any type of formal training when you get down to it, just an understanding of how these things work and where you want to go.
One caveat, before doing any stock trade, sit down with your significant other, if applicable, and create a financial plan that will take you to your financial goals. Of course, you have to also plan what those financial goals will look like in five years, ten years fifteen years and beyond. With these numbers in your head, you can develop a strategy to set you on the road to financial success. Those numbers will also prove invaluable to your financial advisor/consultant/broker by helping them to know where to begin and create the best long term financial plan for your individual goals.
Do not Relinquish all Controls
Even though someone else is managing your funds, don’t let them run amok. Putting your financial future in the hands of another is tantamount to letting your mechanic manage everything associated with your car. Soon there will come a time with you on a lonely road with that oil light coming on and staying on frightening you to death because you don’t have a clue what to do about it. You find yourself in this situation because you didn’t take the time to read your car’s owners manual or pay attention to what the mechanic was telling you every time your car got sick and you put it in his custody. Not good.
Back to the financial discussion. Before you begin to trade, I exhort you to spend some time learning the basics of stock trading. You don’t have to throw yourself into an intense analysis of the subject or create a sophisticated statistical trending report or go out and spend $60,000.00 on a college degree. You just need a class in Trading 101 to learn the ABCs. Find yourself a reputable program geared for beginners that has been around long enough to stand the test of time Perhaps even more importantly, take advantage of a program that connects you with experienced, expert traders who can inform you of the reality of the market, not the theory.
Once you’ve got a little bit of training under your belt and a good stock broker in your corner, you’ve got what it takes to take Wall Street by storm.
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