There is no one formula to effective money management: Where you stand is a function of where you sit. There are, however, operating principles that have served me in good stead throughout my 21-year career of managing money and running businesses. Ten of them are listed below, in no particular order:
-- Sync your risk profile with your time horizon. Know why your invested and for when.
-- Never invest more than you can afford to lose. Capital preservation is the first step toward wealth accumulation.
-- Opportunities are made up easier than losses. Sometimes the ability not to invest is as valuable as investment ability.
-- Respect the price action, but don’t defer to it. The last in line will never see the edge of the cliff.
-- Discipline trumps conviction. The mechanics of your swing are more important than the results of the at-bat.
-- Emotion is the enemy when making financial decisions. Leave the tears for weddings and funerals.
-- Manage risk, don’t chase rewards. There will always be a bigger, better thing — just focus on your thing.
-- When in doubt, sit it out.There’s no shame in admitting it’s hard, there’s only shame in pretending it’s not.
-- Don’t let bad trades turn into investments. Understand the goals of your market exposure.
'The strategy that I'm seeing ... is very chaotic' A Newsday review of court records sheds new light on ICE's Long Island operation and where it's happening. NewsdayTV's Ken Buffa, Shari Einhorn, investigative reporter Josefa Velásquez and attorney Reuben Kerben break it down.
'The strategy that I'm seeing ... is very chaotic' A Newsday review of court records sheds new light on ICE's Long Island operation and where it's happening. NewsdayTV's Ken Buffa, Shari Einhorn, investigative reporter Josefa Velásquez and attorney Reuben Kerben break it down.
