{"id":8354,"date":"2018-10-01T01:00:00","date_gmt":"2018-10-01T01:00:00","guid":{"rendered":"https:\/\/www.washingtonfamily.com\/2018\/10\/01\/tips-for-taking-control-over-your-financial-destiny-2\/"},"modified":"2018-10-01T01:00:00","modified_gmt":"2018-10-01T01:00:00","slug":"tips-for-taking-control-over-your-financial-destiny-2","status":"publish","type":"post","link":"https:\/\/www.washingtonfamily.com\/tips-for-taking-control-over-your-financial-destiny-2\/","title":{"rendered":"Tips for Taking Control Over Your Financial Destiny"},"content":{"rendered":"<p>(StatePoint) Whether you\u2019re a novice or experienced investor, there are steps you can take in order to take control of your financial destiny, and you don\u2019t necessarily need a professional financial planner to do so, say some experts.<\/p>\n<p>\u201cMany individuals are quick to hand over responsibility for their future to financial advisors and fund managers in the hopes of achieving better returns than they could on their own,\u201d says Dale Gillham, an analyst, financial educator and author of the new book, \u201cAccelerate Your Wealth: It\u2019s Your Money, Your Choice. \u201cIf you\u2019re looking for the best person to handle your investments without any conflict of interest, look no further than yourself.\u201d<\/p>\n<p>From losing money to being misled to falling victim to dubious investments &#8212; such mistakes are not only prevalent, they\u2019re also avoidable, says Gillham (<a href=\"http:\/\/www.wealthwithin.us\" rel=\"nofollow\">www.wealthwithin.us<\/a>), whose new book can help empower readers to confidently invest in the stock market.<\/p>\n<p>Indeed, Gillham shows you how you could have grown the value of your portfolio over the past 10 years by over 400 percent just trading stocks on the Dow Jones Index (DJI) and significantly outperformed the returns achieved by the majority of fund managers.<\/p>\n<p>To help you get started, he is offering these quick tips and insights.<\/p>\n<p><strong>\u2022 Know your goals:<\/strong> Once you\u2019ve identified your goals &#8212; for example, are you seeking growth, or growth and income &#8212; develop a watch list of stocks to suit them.<\/p>\n<p><strong>\u2022 Be comfortable:<\/strong> All stocks have their own personality. Some stocks are high risk, providing higher returns, while others are slow and steady. Consider the time you have available, as well as your skill and knowledge level, to find stocks that suit your risk tolerance. (Keep in mind, you can ultimately lower your risk by not straying too far outside the top 150 stocks on any market.)<\/p>\n<p><strong>\u2022 Protect your capital:<\/strong> Most people spend more time deciding where to go on vacation than they spend selecting stocks to buy. Protect your capital by doing your research.<\/p>\n<p><strong>\u2022 Think small:<\/strong> There\u2019s a common myth that over-diversification is beneficial. \u201cWhile this makes the brokers money, it does very little to enable you to generate wealth,\u201d says Gillham.<\/p>\n<p>Smaller portfolios &#8212; between five and 12 stocks &#8212; are easier to manage and represent lower risk. That said, never invest more than 20 percent of your total capital in any one stock.<\/p>\n<p><strong>\u2022 Stay focused:<\/strong> Eliminate emotions, such as fear and greed from the process, taking care not to get caught up in the roller coast ride of the market\u2019s highs and lows. Strive to trade from an objective and detached perspective.<\/p>\n<p><strong>\u2022 Leave it be.<\/strong> Don\u2019t overcomplicate trading by trying to predict the next best thing. Find out what you\u2019re good at and keep doing it instead of chasing the next pot of gold.<\/p>\n<p><strong>\u2022 Trade with the trend:<\/strong> Trading with the trend is about adhering to the laws of supply and demand. Become a smart trader who recognizes momentum early and rides with it.<\/p>\n<p>More information about the book can be found at bookstores and online at <a href=\"https:\/\/www.amazon.com\/Accelerate-Your-Wealth-Money-Choice\/dp\/1643071319\" rel=\"nofollow\">Amazon.com<\/a>.<\/p>\n<p>\u201cInvesting is less complicated than you might realize,\u201d says Gillham. \u201cWith some simple knowledge of proven strategies, you can build wealth on your own.\u201d<\/p>\n<p>Photo Credit: (c) Natnan \/ stock.Adobe.com<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/feeds.statepoint.net\/townnews\/placement.ashx?t=c&amp;id=6124&amp;l=en-US&amp;r=1538379218028.99\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(StatePoint) Whether you\u2019re a novice or experienced investor, there are steps you can take in order to take control of your financial destiny, and you don\u2019t necessarily need a professional financial planner to do so, say some experts. \u201cMany individuals are quick to hand over responsibility for their future to financial advisors and fund managers [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":8355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - 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