Updated: Nov 6, 2019
In the Movie Wall Street, Gordon Gekko said something that will always ring true in life and in business. He said “The most valuable commodity I know of is information”. I totally agree with that statement. Before you make a move in business, you have to consider all the angles. Do not become a victim of (analysis paralysis) but consider the ins and outs of what you are getting yourself into. You must research the opportunity whether it’s a business opportunity or an investment opportunity. You can get other people’s opinions, but make sure they are professional people with knowledge in the field you are looking to venture into.
If it’s a business opportunity you are looking to get into, make sure you secure the information you need. For example:
What are the startup costs
What are the ongoing expenses
What equipment is needed
What licenses will you need (if any)
What business regulations should you be aware of
Is the business opportunity a franchise
Should you incorporate, be an LLC, or be a sole proprietor
You should be able to get most of the information you need off the internet. Now if you are looking to get into an investment opportunity, there may be a whole new set or rules. There are many different types of investments out there that you may not be aware of. Even if you think you know about the investment world (which most people think they do), I still suggest you get professional advice just to cover your backside, and your downside.
Here are just a few of the different types of investments that are out there. This is by no means an exhaustive list. You have:
Stocks (preferreds, common)
Mutual Funds (bond, stock, hybrid)
Bonds (corporate, municipal, revenue, g.o.)
REIT’s (real estate investment trusts)
Commodities (gold, silver, platinum)
Bit Coins (CryptoCurrency)
Unless you can pretty much explain all the previous investments in detail, then my advice is to get advice. Do not try to go at is alone. When I started in the investment business as a stockbroker, I had a senior broker as a mentor. I also sought out very successful (and wealthy) stock traders as mentors. I did not want to leave anything up to chance…especially my money.
Believe me, in the investment game, you can lose your sanity well before you lose your money. Then after you lose all your money trying to be the next wizard of Wall Street, you will be telling all your friends that the stock market is a gamble. Is there a risk to investing, of course there is.
Can you mitigate that risk? Of course you can. Here is a word to the wise. Treat the stock market like a business and you will have much greater success. I will teach you exactly how to do that. There are individuals who have made good money investing and there are individuals who have lost everything. My advice is to get professional advice from someone who knows what the heck they are doing. Fortunately you now know someone. The UnderCover Millionaire himself.