How do you build wealth effectively? You may have tried different processes to attain wealth and to get on top. Some have done thorough research to access information and add their knowledge to this field; they have rendered their time and money to acquire expertise.
But how does it really work? Do you really need to be an expert to manage your own money well?
On today’s episode of The His & Her Money Show, we’re glad to have onboard, David Stein, an investment adviser, institutional money manager, and the host of Money For the Rest of Us Podcast to help us to understand investing a lot better! David will give great advice and impart his knowledge on how to start investing in stocks, 401(k)s, and more!
You don’t need to be an expert; you can learn little by little.
David and his wife have always been big savers given their big salaries by focusing on lowering expenses. They elected for early retirement. According to Davi, it is best to save as much money as you can. As a money educator, he emphasizes that to build wealth, you should invest, perhaps in the stock market as it is a type of auction.
Yes, it is extremely complex; but you don’t need to be an expert; you just need to have enough knowledge to get by. You just need to know the basic rules, asset classes, what drives returns, how it works, etc.
Moreover, it is very important to keep your eyes wide open when investing by knowing the difference between investing and speculating. If your company doesn’t offer an investment plan, then you can save 15%-20% of your income and decide where to put the extra money for positive returns. Lastly, don’t spend too much of your time worrying about the tax consequences of investing; instead, put your money in a retirement plan or 401(k).
What You Will Learn
- David’s transition from the top of his financial journey to early retirement.
- How to start investing in stocks.
- Why you should consider investing in the stock market.
- The best investment options in the stock market.
- The difference between investing and speculating.
- What Is Asset Allocation?
- The different types of basic assets for investment.
- Does investing in the stock market affect your taxes.
Resources Mentioned
Thanks For Listening!
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Today’s show was sponsored by Teach Me How To Budget. If you are ready to gain freedom in your finances once and for all then enroll in our brand new personal finance course Teach Me How To Budget.
