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Discover How to Avoid the Worst Mistake When Trying to Earn More Money

July 15, 2015

Discover How to Avoid the Worst Mistake When Trying to Earn More Money

This is a guest post from Bill Achola he is a financial publisher who owns a fast-growing, dynamic and innovative investment blog that empowers investors to make the right decision. To see action on how you can invest in your future, follow him at his Google Plus Page. (and maybe learn to earn some profit from your investment while you’re at it). Please let me know if you would like to guest post on MMYW!

What would you do if you suddenly came into a lot of money? According to most young adults, they would use it to pay down their debts. But what about you? What would you do? Well, you don’t have to wonder any longer. You don’t need to always be looking for side hustle ideas to make more money. I will tell you about my $10,000 investment plan and how you can use it to avoid the worst mistakes when trying to make more money.

What You Need to Be Concerned With

When I decided to take control of my finances by investing $10,000, I kept thinking over some ideas and I came up with one that I liked. I was obsessed with it and I decided that the best way to implement it was to start caring about what the market wants. After all, market demand is what moves everything.

Once I decided to implement my plan, the first step I took was researching it to determine how profitable it could be. I used customer research techniques to determine demand and validate my idea. Only after my research had validated it did I decide to put my plan into action.

Why Stock Picking is Almost a Losing Game

There are many stock pickers who are always bragging about their choices and how they were able to double their investments in just a few months. Or they are talking about something called “dividend growth investing”. Unfortunately, behind the hype, these so-called stock picking gurus cannot confirm the results they are getting.

Why does stock picking not work? In short: the Internet and the spread of information technology. Since all of your competitors have access to the same information that you have, and at the same time, you have no edge over the millions of other market participants who are trying to pick the same winning stocks that you are.

Also, part of the way stock picking works is to find “undervalued” stocks. But all the information that is available about a stock is already factored into its market price. So what is the best way to invest your $10,000?

My Plan to Invest in Gold and Silver

What are the benefits of investing in precious metals such as gold and silver? Basically, these precious metals hold their value better over time than virtually any other investment asset. They are immune to the loss of value due to inflation because these are scarce assets and thus, will always enjoy high prices in the market when you decide to liquidate your holdings. Gold and silver also have a lot of practical uses in the industrial sector so there will always be demand for it.

In addition, they do well when the stock market goes down, as it periodically does. The reason for this is that when the prices of stocks go down, investors sell and then put their money into safer assets such as gold and silver. Of course, this does not mean that you should put all your money into gold and silver but investing in precious metals is an important part of any investment portfolio.

Over To You

Thank you for reading my story, and I hope that it was useful to you. Let me know what you think. How about you? Do you have investment ideas and plans? If you think that someone could use the tips here, feel free to share my story with your friends. I urge you to do so. This story just might help someone make the right investment decision, or avoid making a huge financial mistake.

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Lovely comments

  1. SavvyJames says

    July 15, 2015 at 6:00 am

    Investing in precious metals such as gold or silver has never appealed to me; however, I know of a couple of coworkers who are committed to the idea.
    SavvyJames recently posted…A Richer Understanding: A Comfortable NestMy Profile

    • Bill says

      July 15, 2015 at 11:26 pm

      Thanks James, whats your though about investing 401k in Gold?

      • SavvyJames says

        July 16, 2015 at 6:22 am

        While there is likely the ability to get some exposure to gold/precious metals in my Defined Contribution Plan – The Thrift Savings Plan, a 401(k) equivalent – through the various index funds, it does not have direct exposure (e.g. a specific precious metals or gold fund) to that category. Overall, I don’t see an issue if someone wants to achieve some diversification by getting exposure to gold/precious metals via an investment (401(k), IRA, brokerage, etc.) account. However, my experience has been that those that love gold/precious metals tend to go overboard in that one category.
        SavvyJames recently posted…A Richer Understanding: A Comfortable NestMy Profile

  2. Jon @ Penny Thots says

    July 15, 2015 at 7:21 am

    My wife and I invest about 40% of our income for retirement. We have plans and goals for our retirement and are doing everything we can to make sure they come to realization. As for the investment vehicles we use, we use mutual funds and ETFs. They provide the risk/return characteristics we need.
    Jon @ Penny Thots recently posted…Active vs. Passive InvestingMy Profile

    • Bill says

      July 15, 2015 at 11:27 pm

      Totally agree Jon, mutual funds and ETFs are a good investment vehicles.

  3. Dane Hinson says

    July 15, 2015 at 4:37 pm

    I can’t agree more that stock picking is a losing game. It’s always better to have a long term mindset. I typically invest in quality index funds in a diversified portfolio.
    Dane Hinson recently posted…How I Evaluate and Select Index FundsMy Profile

    • Bill says

      July 15, 2015 at 11:35 pm

      If someone is not careful definitely he lose the game. As we all know most people want to be better than the next investor. My advice would be its better to invest in index etf’s or mutual funds.

      • James Trades says

        July 27, 2015 at 7:59 am

        I always say that it’s better to make less money constantly, then to risk your money for a bigger reward. Would you agree?

  4. Zoe says

    July 15, 2015 at 6:00 pm

    This is seriously bad advice. The worst mistake when trying to earn more is not buying shares, or any other investment vehicle. The single worst mistake you can make is greed.

  5. Jayson @ Monster Piggy Bank says

    July 16, 2015 at 2:39 am

    I see results when we invest in golds and silvers as this strategy guarantees that our investment grow in time. I’d share your story with my friends. Nice story Bill.
    Jayson @ Monster Piggy Bank recently posted…Amazon FBA Part 8 – The importance of TestingMy Profile

    • Bill says

      July 16, 2015 at 6:05 am

      Thanks a bunch Jayson, i appreciate a lot.

  6. Patrick says

    July 17, 2015 at 3:26 pm

    I’m not sure this’d is advice that should be followed. I agree that stock picking is a losers game, but what is your edge over other investors when it comes to investing in precious metals.

    This article would have been far better if you actually did the research and posted some numbers that drew you to that conclusion, otherwise it just sounds like one persons hunch.
    Patrick recently posted…The Compounding Story of the Doctor and the ModelMy Profile

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    February 1, 2018 at 1:15 pm

    Your style is unique compared to other folks I’ve read stuff from.

    I appreciate you for posting when you have the opportunity, Guess I’ll just bookmark this blog.

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