Some Financial DOs and DO NOTs - Lessons Learned The Hard Way
Good morning BGG,
Great call last night and excellent questions from the callers!
I'm not a financial planner, but here are some tips for people who want to know what to do (and especially what NOT to do) if they have some money to invest.
DO: Be thankful for ANY profit from the currency exchange. The majority of investments fail.
DO NOT: Be greedy by hanging onto it too long (hoping for "just a little more")
DO NOT: Waste the profit...the parable of the heir who squandered his inheritance comes to mind.
DO: Speak with licensed and/or bonded investment attorneys and financial planners.
DO: HIDE the fact that you made ANY money from the currency exchange! "The love of money is the root of all evil"...and some people will try to take advantage of you.
DO NOT: Listen to your well intention-ed relatives and friends with "investment advice".
DO NOT: Go into the stock market/forex on your own! Many life savings and retirement funds have been lost that way...which could lead to the loss of marriages/families!
DO: Give a portion to honest, reliable, and verifiable organizations that try to help make the world a little better for those people who are impoverished.
DO: Pick people in your own community who could use the help to get back on their feet. The big non-profits were NOT around 2000 years ago, but people who had a little extra, helped people near them who had just a little.
DO NOT: Send money to every organization who calls/writes/e-mails. Check out the charities BEFORE sending a penny.
DO: Be joyful, happy, blessed, peaceful, kind, positive...if it comes out above your initial investment.
DO NOT: Be upset, disappointed, angry, bitter, anxious, worried, negative...if it comes out lower than you expected.
These are some of the HARD LESSONS I learned when I had some money in the past. I pray that everyone will be safe and prosperous on their path.