For Daniel Purjes, the goal is to enable more people to make investments and secure their own financial future. Not everybody will make millions and end up being the main story in the New York Times. Not everybody will be able to use their gains to buy a penthouse apartment in Rockwood or NYC. Not everybody will be as successful as people like Mctague and Barrons. Rather, most people will choose a small asset or fund and watch it grow just sufficiently for them to have a reasonably comfortable retirement. Here, Daniel Purjes has created a report on the five key steps someone should complete if they are to be successful in their investment.
Daniel Purjes 5 Successful Investment Steps
- Make sure that the system you follow has been proven to be successful. Unless you have a degree in economics or finances, it is unlikely that you really know what you are doing. While the internet provides us with a wealth of information, you will quickly find that most of this is highly conflicting. Choose the wrong strategy, and you’ll end up losing a great deal of money. Hence find one that is proven to be effective.
- Set a limit and stick to it. Investing is little bit like gambling in a casino. First of all, the house always wins, and, secondly, it is all too easy to spend more money that you haven’t got, because you believe that the next move will be the big winner. Before you start investing, you must set a limit for yourself and you must not exceed this. It doesn’t matter whether your limit is $5 a month or $5,000 a month, stick to it. Naturally, you can make adjustments as you go on but only at regular intervals.
- Due diligence is vital. You should only invest in something that has the potential to make a profit, regardless of whether you are investing $1 or a million dollars. Ultimately, you need to find the strategy that has the lowest risk that gives the highest gain. Again, a proven strategy will help you achieve this.
- Your portfolio should be as diverse as possible. This means that, every once in a while, you need to take out your gains and reinvest them in something else. Ideally, you will continue to hold your existing investments and grow your portfolio but if that is not possible, then swapping things around a little bit on a regular basis will ensure that you have the most chance of making a solid profit.
- Join together with others. Well you may feel like going at it alone is the best option because it means you carry all the risks but also get all the potential profits, the reality is also that there are many like minded individuals on the market will have the same aims and goals and if you’ve together you stand far stronger. Participating in groups such as real estate investment trusts or mutual funds gives you a form of insurance comma making your investments far more stable and strong.