im a dentist and i make around $150k a year and i wondered if i could invest some into stocks and with some luck become a millionare?
Posted on January 28, 2013.
im a dentist and i make around $150k a year and i wondered if i could invest some into stocks and with some luck become a millionare?
Like in denistry or in any other profession, to be successful you must know what you’re doing., why you’re doing it, how to do it, and rules governing what you’re doing.
Before you spend $0.01 on any investment, you must know what you’re doing, why you’re doing it and how to do it. Before you invest in any security, the first investment you should make is in yourself, and the best investment you can make is by educating yourself.
Begin your education by learning why you should invest and the importance of being able to make your own decisions or how the pro’s make theirs. Start your education by reading “Investing or Dummies” by Eric Tyson.
To continue your education select some of the following
Beating the Street by Peter Lynch
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, by Gallea
From Riches to Rags, by I.C. Freeley
Millionaire Traders, Lein & Schlosberg
How to Make Money in Stocks” by William O’Neil
24 Essential Lessons for Investment Success by William O’Neil
The Intelligent Investor, by Benjamin Graham
Common Stocks, Uncommon Profits, by Philip A. Fisher
One Up on Wall Street by Peter Lynch
Stocks for the Long Run, by Jeremy Siegel
Uncover the Secret Hiding Places of Stock Market Profits by Joel Greenblatt.
What Works on Wall Street by James O’Shaunessey
You Can Be a Stock Market Genius by Joel Greenblatt
Your Money and Your Brain by Jason Zweig
Websites that can provide instructions and help with procedures and terminology are Investopedia – http://www.investopedia.com/ http://www.investorshub.com/ and 1 Source for Stocks – http://www.1source4stocks.com/info/stock… or Smart Money http://www.smartmoney.com/
Visit some of the more professional websites like Zacks Research – http://www.zacks.com/ Schaeffer’s http://www.schaeffersresearch.com/ Investors Business Daily – http://www.investors.com/default.htm?fro…
Some of these web sites will have advertisers who are worth looking into also. And remember, if they offer free information, get it.
And when you think you want to invest/trade, try some paper trading to test your skills without spending you money http://simulatorinvestopedia.com/ http://www.moneyworks4me.com/
and/or http://www.tradingsimulation.com/
Good luck on journey, study hard and you’ll invest well.
Long-term investment in stock market is a great option which you can use to secure your retirement and become wealthy in the long run. Successful stock investor invest their money on a long-term basis, say 20 years from now. You earn more through compound interest.
But if you will use stock trading as an option, this is a very risky move particularly if you are not an expert in timing the market. I suggest, you look for financial mentors or gurus, that will guide you on your stock market investing or a broker who will give you research studies on which are the best companies to invest in, that will give you higher chance to earn more.
A nobody has the answer. If you’re looking to quickly grow your portfolio I guarantee you you’ll get the opposite result. Take some time before you even open an on-line brokerage account. Learn this “game”. Understand the importance of planning & risk management. This is not “easy” money. This can take considerable time and effort.
I don’t know about becoming rich but making the right investments…always a good idea. I’d talk to some of your doctor friends and get a good advisor. Never let your money sit idle. If money is not working for you, it has to be working against you. It’s either one or the other, good luck.
Pay off your debts and save up your money. Get ready to give most of your money to the government.