The key to investment success is to get the best advice you can find. Too often people will attempt to invest their own money in their own way, and the result is a loss. An investor would have been better off just keeping their money in a certificate of deposit or buying treasury bills.
Why do-it-yourself investors lose money
It takes a lot of time to do the proper research to make a good investment. There is no substitute for this. No formula or method can turn an investor’s ignorance about what he or she is doing and build wealth. The only way to build wealth is to make good investments and this means doing a lot of research.
Having others manage your money
This can be risky. Paying others a certain percentage of your investment profits may sound good, but there are problems doing it this way. It is true that there is an incentive to make a lot of money with your money because the manager of your account will make money when you make money, but when there is a loss on investments, you will still end up paying fees of various sorts. Those who lost some of your money are still benefiting from your loss. These types of wealth managers are in a no lose situation.
A compromise between the two approaches
It is best to invest your own money, but you should do so with good advice. What this means is subscribing to investment and wealth management services that provide you with the information you need to make your own decisions. Whether you are looking for gold or silver investment advice or investment information for the stock or commodities market, you need to pay others do the research and provide their opinions.
Getting good investment advice is part research and part opinion, but another aspect of having advisors is that you will learn about investments as you go. There are many important influences on different investments, and what is happening in the world can change the price of a commodity. In the age of instant communications, price changes can happen quickly. Another important aspect of investment advice is the ability to receive the specific news that relates to your investment the moment the news breaks around the world. With this type of up-to-date information and good research, an investor has a good chance of succeeding on their own.