Mark Hausler shares his insights into investing in the stock market. Here’s a few tips he thinks you should take note of:
1. Build a Solid Financial Foundation
Mark Hausler believes that the most important thing for any investor is to have a sound financial foundation – start saving and investing now, or risk becoming a millionaire in your dreams.
2. Establish Investment Goals and Timelines
Mark Hauser recommends setting goals and timelines so that you know how much you need to save or invest each month; that way, you don’t lose focus of your long-term goals.
3. Develop a Personal Risk Tolerance
Mark Hauser warns investors not to overextend themselves by investing too much.
Mark Hauser believes that the mistake most investors make is that they invest to the point of panicking, rather than taking a step back and letting the market work for them.
4. Partner with the Proper Brokerage
Hauser recommends choosing a brokerage with a proven track record and good customer service. A broker that is right for you would be one that has the resources at hand to help you invest wisely and successfully.
Hauser notes of his own experience with investing; he used an online discount broker, but realized too late that there was no one there to help him if his account went into the negatives.
Hauser advises investors to choose a firm that has a lot of customer service representatives and local offices.
A good broker, as Hauser puts it, is one that will ensure you’re happy and confident with the investment decisions he’s making for you.
5. Utilize Due Diligence and Logic
Hauser believes that it’s wise to utilize due diligence, logic, and common sense when investing; they may not be the most exciting things, but they’ll help you make better decisions. Hauser advises investors to take action immediately when something positive happens in the stock market; that way, you are able to capitalize on growth and avoid missing out on incredible opportunity.
6. Avoid Individual Stock Investments
At least for the first year, Hauser advises investors to avoid individual stock investments. Hauser recommends that you start with buying a broad-based mutual fund and then add to it after a few years. This way, you will have diversification in the portfolio and will be less likely to focus all your efforts on one company.
Mark Hauser cautions against investing emotionally; rather than setting up an account for yourself, invest with your broker or for your IRA account.