Get rich off stock market – Get rich investing in good stocks for long term
Yes you are correct I am writing about how to get rich off the stock market? As a stock market for beginners guide I can surely say that you can get rich in the stock market and for that you will need to define your short term money making goals versus your long term money making goals in the stock market
The first step that you need to have is – Have Gameplan and a Strategy
To get rich investing in the stocks you will need to have a gameplan ready with all the attendant details as in how much you will invest in mutual fund versus how much cash you will hand to make sure that you have money to invest in stock when the opportunity arises.
This is the most critical – Almost all of us will usually invest everything when the market is up and then when the market turns the other way round we have no money to cherry pick stocks.
Have a target identified to sell and also have a stop loss defined.
Always make sure that you have a stop loss mechanism in place as that will help make sure that you are limiting your losses else the stocks in a downturn can deplete you your entire war chest in days.
Long term stocks
But a few stocks which have good fundamentals and make sure that you hold them for good. You will make money off them in may be ten years when they would have given you excellent multiple digit returns.
Also have some volatile stocks in the portfolio to make the most of the current market trends. That way you can make some money in the short term and in some cases they also may turn out to be good long term bets.
Get Rich Mutual funds
Pick the right mutual fund and start building your corpus. Always go for the systematic invest plans so that you can have the benefit of low prices and averaging. Also have a systematic withdrawal plan in place so that as and when you have made a certain amount of money in the mutual finds the units can be redeemed and be in place for use in the so called money market or fixed income mutual funds.
Get rich by investing in Gold
This has been said so many times but gold is one commodity if you play it right. The major thing to know about gold is that gold always runs opposite to the market and that is precisely the reason that either you should have some gold mining stock like Homestake mining or invest in a Gold ETF like GDX . There are gold mutual funds specifically in which you can invest
Be contrarian
Warren Buffet has shown time and again that contrarian is good. Fundamentals are too good. He never invested in the booming internet stocks in the market in 1990’s. Good for him bade for market. A lot of people got burnt by the tech mania.
Always think with your head and see what is good and why people are buying a stock. In the bull run you should be selling and in the bear run you should be picking up good stocks to make money later.
Related posts:
- Get rich off the mutual funds
- Gold stock investing – ways of owning gold
- how to get rich with stocks
- Investing in Stock Market through Mutual funds – Introduction to Mutual Funds
- Buy International stocks – Go investing in foreign stocks
Filed Under Get Rich | Leave a Comment
Tagged With get rich dad stocks, get rich mutual funds, get rich off stock market, get rich quick by investing in good stocks
Comments
Leave a Reply