A commercial pilot by education, Jack Skipp shares an ardent spirit for financing and wealth creation. He spends much of his time creating educational videos on Youtube to help interested investors take a deep dive into the world of investing. Jack shares best practices for new investors and a refresher for the experienced.
Spend time in gaining investment education
Though the world of investment might appear interesting and intriguing, it is a game for those who have put in adequate time and energy to gain sufficient knowledge. First-time investors need to go beyond their gut feeling to choose the winning stocks. There is no predefined formula for a winning or high potential stock from which you can expect to make a fortune in the long run. Deep-seated knowledge of financial analysis and valuation is the step in the direction if you wish to stand a chance to win more than you lose in the market of bulls and bears.
Have like-minded peers to share knowledge
It is best to have a close-knit group and peer learners who are eager knowledge seekers themselves. This helps in making the right decisions and avoiding pitfalls. Those who work in silos need to have master financial analysts to avoid plausible mistakes.
Bust the myths
There is a long-standing belief that profits can be earned only over a long period. The truth is that if the investment decision has been wrong in the first step, waiting will not do the magic that one is expecting. Therefore, knowing the quality of stock is very important. On top of that, it is imperative to constantly monitor and evaluate if a stock is performing as was expected. If there is a sharp change in the expectation, which might occur due to several external factors or the company’s internal management concerns, it is best to move on from pinning hopes on that stock.
Have the right mentality
Next comes having the right mindset. For most amateurs, failure is only because of their limiting mindsets. It is important to have faith in the system and accept one’s limitations in projecting how well a business can perform. Most successful investors allow their profits to run while cutting their losses. Behavioral science indicates that most new investors in the competitive markets value their losses more than their profits. This needs a mindset shift to survive in the investment business through stocks and shares. There are other investment options as well that are considerably of lower risk than the stock market. Those include investing in assets, government bonds, precious metals, and many more.
Jack Skipp has more than 85k subscribers on Youtube and offers considerable lectures to showcase the potential of various investment vehicles. His videos are available on Youtube and are considered a treasure trove for those who want to generate wealth for the short and long term.