By Henry Goh
Remember that there is no short cut to become a millionaire, there is not quick scheme to get your first million if you do not follow these rules:
1) Start investing TODAY! It is never too late no matter howold are you now!
2) Set your target- write down what you want to achieve in life! Never just picture that in your mind, I strongly advise you to write your aims of life on a piece of paper and read it EVERYDAY!
3) Buy shares and mutual funds, never think that you will get rich by putting your money in bank! If you put your money as fixed deposit, the bank will get rich and not YOU!
4) Never speculate, buy blue chips shares. Never expect to get 100% returns in months, always think of long term investment! Speculators will burn theri fingers in one day.Believe in yourself and follow rules in investment!
5) Invest EVERYMONTH, has an outlined plan, invest consistently and enjoy investing!
6) Hold your shares and never buy-sell and hope to get good and fast returns. Studies show that millionaire investors usually hold their shares more than 5 years!
7) Plan your tax and estate properly, it is useless if your money and estate die together with you!Leave your estate to your children!
8) Be consistent in everything you do in life! Take necessary risks to have good returns. Rich people take calculated risk!
Hope these tips help you! Visit:
www.investing-tip.com and www.young-investors.blogspot.com for more tips!!
Dr Henry Goh, a physician by profession but has strong interest in money management and investment!
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8 Rules To Become A Millionaire!