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Monday, October 23, 2017

ALPHA TEACH YOURSELF INVESTING IN 24 HOURS: AN ANALYSIS (part 2)


Investment Goals
by
Charles Lamson


You may have specific financial goals to achieve, or they may be as general as was mentioned in the last post: college for the kids, a nice home, financially secure retirement.

As we work through the analysis of this book, we will be talking about a variety of goals expressed by the time frame necessary to achieve them. There will be short-range (2 to 5 years); and long range goals (15 years +); and corresponding investment strategies.


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TIME SAVER

  • Investment goals should be stated in 20 words or less. Make your goals simple with declarative ssentences. For example, "I want to retire by age 65 with an annual income of $50,000." Save the details for your actual plan. It is easier to focus on simply stated goals.

Your present age plays a large role in determining your goals and whether they are short-, mid-, or long-term. 

For right now, it is important to understand that time is your best tool for meeting your investment goals. This leads us to Little's Golden Rule of Investing:
The best time to start investing was yesterday. The second best time is today. Tomorrow is better than nothing.
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This rule applies whether the market is up or down or sideways. It applies whether you are 25 or 65. Procrastination is your worst enemy, and make no mistake, it is a powerful one.

Many people find it more comfortable to avoid committing to an investment program. The analysis of this book, Alpha Teach Yourself Investing in 24 Hours, will move you out of that comfort zone and into a new one where you can make investments with confidence.

Each and every one of you is expected to make an investment by the time you finish this analysis. If you already have some investments, you are expected to reconsider those in the light of what you learn.

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Do not worry that you might not have more than a couple of hundred dollars. I will show you how to get started with a small amount. (I will also show you where to find more money to invest without having to get a paper route for extra income.)

Do not worry if your if your 50th birthday party is just a memory. I will show you how you can get ready for retirement, even if you do not have a penny in a retirement program.

To be continued...

*SOURCE: ALPHA TEACH YOURSELF INVESTING IN 24 HOURS, 2000, KEN LITTLE, PGS. 6-7*

END

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