One of the best books about investing that I have come across is by Brian Tracy, “Goals Mastery for Personal and Financial Success”. There are two huge reasons I like the book. The first is that he stresses that money is easy to lose, so don’t lose it. Seems pretty basic but, an important point to make and we will discuss it further in just a moment. The second is that you should think about money as part of your life. In order to make the money you have available to invest, you had to earn it. The way most of us earn it is that we invest our time. So, if it took you twenty years to earn the money you intend to invest, you better be sure twenty years of your life are worth the investment before diving in with both feet. Twenty years is a long time after all.
Let’s take a closer look at the very first reason Brian Tracy mentioned in his book about investing, and that is that money is very easy to lose, so don’t lose it. Of course, there are never any absolutes in life, and we can lose our money in a vending machine trying to buy a candy bar. But the bigger point is do your research before making an investment.
If you intend to use an investment company to invest your hard-earned money, do your research. Find out how successful they have been in the past. How much to they charge you in fees or commission? Do they make money whether you do or not? Do they have reviews online or elsewhere that you can read? What do they normally invest in? Are they ethical? Have they been sued by clients? Do they have any pending civil suits? How long have they been in business? Have they ever declared bankruptcy? I think you get the idea. Don’t depend on a neighbor to tell you that they are a good investment company. After all it isn’t their money that you might lose. In addition, they are still living beside you so how good could the advice be?
Another reason I think it’s one of the best books about investing is that he recommends investing in things you understand and believe in. If you don’t understand how the company operates, what their product does, or how it helps people, how in the world are you going to know if it can or will be successful. On the other hand, if you are using their product, or understand it completely and how it helps people, it may be a good start to consider them. But it’s important to still take your time and do more research. Dig deep into the company and find out things like how much debt do they have. Who is their owner or Chief Executive Officer (CEO)? Does he have a good or bad reputation?
Brian Tracy continues to stress that if you don’t understand what you are investing in, then don’t invest in it. It’s better to hold on to your money and follow one of the first rules he stresses and that is that money is easy to lose so don’t lose it. Just put it in the bank if you are not sure. As he states, don’t get in a hurry to lose your money. This is why I can recommend his book and believe it is one of the best books about investing.
Thank you and may God bless you!