Worst investing advice ever!

The top ten worst investing advice ever.

These days, everyone is an investor and thinks they know more than a thing or two about the market. There isn’t a class you can take in school on how to appropriately manage your finances or clear guidance on when to invest in a 401k, SMA, IRA, CD, ETF, IPO or use a CPA.

It feels at times like you need an adviser for your financial adviser! Because of all this confusion around the acronyms of investing, there has been an embarrassing amount of misguided investment guidance to try to simplify investing to the everyday man.

The secret to investing at the optimal time (hint: the best time is now)

A market timing strategy that even a monkey can do

An old adage in investing is to buy low and to sell high.  It seems so simple that even a monkey could do it. Unfortunately, if it really were that simple, most of us would not be working anymore. All sorts of books promise to teach you how to time the market. One titled Market Timing for Dummies promises to teach you how to “use a wide away of market-timing tools” to help you “make money in any market”.  Despite the complexity of timing the market, one simple strategy will help you come out ahead all the time.

How to become a billionaire without founding a company or inheriting your wealth

At Unlimited Net Worth, I aim high and am serious about growing wealth.  Rather than simply aiming to become a millionaire, my ultimate goal is to become a billionaire in United States dollars (it would be cheating to use some other high inflation currencies, like the Zimbabwe dollar, where you can obtain a $100 billion note easily).  Why aim so high?  In high cost cities like New York or San Francisco, one million simply doesn’t go as far as it used to. 

Double your 401K contribution limit

The IRS limits employee 401K contributions to $18K/year. If you work in corporate America, your company likely offers you the ability to contribute to a 401K plan. If you’re already contributing, you’re off to a great start. If you’re maxing out your 401K plan by contributing $18K a year and you’re not sure what to do with the rest of your income, there is now a new way to double your contribution to $36K/year.

Deciding Where to Invest Your 401K

Invest wisely and enjoy an early retirement

When you kick off your career, the most important first step to securing your financial future is to start investing.  When you’re young, you have one of the most valuable assets on your side, which is time.  Time allows you to benefit from compounding growth, where you start seeing growth upon the growth.  In most cases, your employer will even match up to a certain percentage.  It’s a no brainer and you might as well take the free money.