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Getting started withinvestingcan feel overwhelming.
Keep reading to learn six investing tips for Gen Z from an esteemed baby boomer investor.
Also seeexpert tips for new investors on how to invest money.
Schiffman said this advice was correct.
Within a week, the market recovered.
He told me to always think about what circle you are on.
Schiffman said the trader described the three circles of information to him.
He said the third circle of people hears the news from those in the second circle.
Always know what circle you are on.
Your emotions are your worst enemy, and your investment can become a brain drain.
Consequently, he advised Gen Z to invest in themselves first.
Get the education you need or invest in the business you want to start, Schiffman said.
Check Your Emotions at the Door
Humans are not wired to be investors, he said.
Our animal spirits tell us to buy when prices go up and sell when prices go down.
However, Schiffman said this is the opposite of what should be happening.
A 20% mark down brings out shoppers galore, not so in the stock market, he said.
Waiting for those big pullbacks are often the best trades you will ever make.
Given this, he said hands-on investing isnt for everyone.
Let someone who is less vested emotionally manage it.
Dont have a go at Time the Market
No one has tomorrows newspaper, he said.
Therefore, Schiffman said consistency is advisable.
If you do, your investments will grow geometrically over time, he said.
He offered a formula to calculate out how long this will take.
Knowing this can better help you plan your investment strategy.
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