“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later” -Harold Green
One of the greatest flaws of inexperienced investors make is to spend too little time planning and monitoring their investments, yet expect a fantastic return on them at a future date. It is important to spend time researching before investing money in any type of financial venture, so that not only do understand what you are investing in, you also gain a greater appreciation of the nature of what you are doing.
“If a man empties his purse into his head, no-one can take it away from him. An investment of knowledge always pays the best interest” – Benjamin Franklin
It is important to realize that most investment fortunes are not made overnight and require a lot of time and commitment. The best way to start any investment proposal is to comprehend the basics behind what you are investing in and why. In planning a holiday – you always ensure you know where you are going, for how long and how much you have to spend before you leave. This same basic principal should be applied to any investment decisions as well. No matter if the investment is in shares, property or any other financial instrument, having a basic understanding of what you are investing in is vital to ensuring you are making the best decision for your money.