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Here is what Jaspreet Singh says about not making the following seven investing mistakes that could cost you.
Also see skills that can help you build wealth, according to Singh.
So I wrote him a check to do that work.
He took the money … and did some other things with it.
He didnt do the work on my property.
I had to find a new contractor to do the work.
I had to pay the new contractor to do the work.
The second contractor screwed up the work.
And we realized this property had a lot of issues.
Always do your own research because no one is going to care about your own money like you do.
However, Singh noted this is a bit of an impossibility.
The problem is that youre probably not going to be able to time the market perfectly, Singh said.
However, Singh noted that you’ve got the option to take advantage of downturns.
you’ve got the option to use downturns to come in and buy more aggressively, he said.
That way it’s possible for you to geteven bigger returns.
But you cannot perfectly time the market.
Especially if these are people working to make you money, Singh said.
Singhs take on diversification is that it all comes down to your goals and perspective on money.
If you dont trust yourself as an investor then you want to diversify.
Because then if you do something wrong, you have a backup plan, Singh explained.
What youre doing depends on you, Singh stated.
Real diversification means investing your money indifferent asset classes.
These classes could be stocks, real estate, your company and anything else that fits your investment goals.
Singh suggested not getting caught up in the emotions that come with the ebbs and flows of the markets.
As an investor, you want to invest your money for the long term.
Dont Live Off Your Equity
Instead, Singh advised that you live off your income.
This will help prevent any financial disasters if the economy takes a hit.
This is whats destroyed so many investors, including the ones that have become multi-millionaires, Singh said.
This is the reason so many investors end up bankrupt.
Because you stop living off the income and start living on the equity.
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