At age 49, I can tell you that I would have benefited more, lost less, and suffered far fewer worries, had I sought more effectively the advice of experienced investors. That said, you can hardly wait long to recover, as following the right path will yield remarkable results with remarkable speed. By seasoned investors, I don’t mean people who have tried hard. This is an experience, but not in the sense that I recommend. Instead, find a seasoned supporter who was hit hard, but when all was done, found a truly conservative safe path that relied on limited or no debt and focused on generating cash.
You may be surprised how this person looks in the community. You may not think they are that good. The cars they drive, the house they live in, the clothes they wear, and the expenses they incur may suggest a more modest lifestyle than your bank account can support. In fact, this is almost certainly the case. Perhaps the best way to identify them is if you hear of someone who has NO debt or who buys everything with cash, large or small. When you meet this person, it is very likely that you have found the mentor you are looking for.
Once you’ve found them, you’ll want to start emulating the way they live. You will buy only when you can pay. You will only invest in proven, true and consistent investments. You will keep repeating the behavior over and over again. The whole process will seem almost monotonous in consistency and apparent lack of complexity. You see the fact of the matter is that complex solutions are fraught with risk. Simple and straightforward methods are the tried and true paths to financial security and ultimately wealth.
As an example, did you know that most of us spend $ 495 per month on a car loan? And, if we had invested that amount in the S&P 500 every month since we were 18 years old, we would be worth more than $ 5,000,000 by the time we were 60. This is a surprising but true fact.
So, look for a mentor who has achieved financial security. Start to follow in their footsteps. Spend less than you earn. Make good decisions with your investments and accumulation and the next thing you know, you can live an amazing and carefree lifestyle.