Rule 7: Stay informed about your investments
Don’t mistake taking a risk with being dumb.
A
smart risk may be investing in an emerging market fund. A dumb move may
be pouring your life savings into a speculative currency.
How
do you know the difference? By researching available investments,
weighing your options and selecting the amount of risk that works for
your unique situation. For example, those nearing retirement age may
want to minimize their level of risk, while recent college grads can be
more daring because time is on their side. (http://finance.yahoo.com/news/10-golden-rules-retiring-rich-160040271.html)
First things first, invest. It is important to have multiple streams of income and to plan for retirement. Who wants to HAVE to work in their old age? Choosing to work is one thing but having to work for someone else :/. You need to be the expert or at least knowledgeable in your endeavors. Every book store has a book on almost any topic for "dummies."
The time you take to get educated is the money you will save in the future!
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