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Comment Synopsis Investors often get trapped into complex and enticing financial investments, which only profit those who create and sell them. Agencies Collins recommends investing in stocks as he considers the stock market the core wealth-building tool. According to him, to accumulate gains in the stock market, investors need to be patient and should be brave enough to weather the ups and downs.

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Investors often get trapped into complex and enticing financial investments, which only profit those who create and sell them. Understand basics of personal finance The American researcher speaker and consultant says it is essential to understand the basics of personal finance, as money is the single-most powerful tool that can influence investment decisions. Having basic knowledge of personal finance can position an investor to make money work for her, and not against her, which can help make investment decisions independent of money, instead of the reverse.

If you choose to master it, money becomes a wonderful servant.

Why people do not make money in stocks? JL Collins has an answer

In his bestselling book, Collins offers effective tips and resources to better understand the world of investing. Secret to achieving financial freedom Collins says the secret to achieving financial freedom is to spend less than one earns.

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Also, he feels investors should invest back the surplus amount that they have and should stay clear of debt. Collins feels accumulating debt by buying things that are not essential is a waste of time and can weigh investors down in the long run.

It starts by recognizing that debt should not be considered normal.

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It should be recognised as the vicious, pernicious destroyer of wealth-building potential it truly is. How to handle debt Collins says it sometimes becomes impossible to avoid debt. If the interest rate for debt is between per cent, it is up to the discretion of the investor on how she plans to repay it.

But if the rate is higher than 5 per cent, make money yourself in the stock market is best to pay it off as quickly as one can.

For an investor who has been tracking the market in the past four months, you would probably be feeling confused. We are, after all, mired in the worst pandemic in a century. Lives have been lost, jobs have been shed, and the economy is shuddering under the weight of lockdowns and air travel bans as governments struggle to contain the spread of this contagious virus.

Maintain a simple lifestyle Collins says the most important tool that money can buy is financial independence, which is a very valuable asset that one can make money yourself in the stock market.

He asks investors to maintain a lifestyle that they can afford and avoid getting into the trap of leading a luxurious lifestyle just to maintain a social status. Being independently wealthy is every bit as much about limiting needs, as it is about how much money you have. It has less to do with how much you earn high-income earners often go broke while low-income earners get therethan what you value. Focus on outcomes that can be controlled Collins says it is important for investors to not worry about things that are out of their hands.

Instead, he feels, one should focus on outcomes that they can control and should spend more time with people that they can learn from and those who can add value to their lives. The older I get, the more I hold each day precious.

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Two stages of investment According to Collins, people often make the mistake of thinking about their financial life in terms of age. He thinks this is not the right approach to follow while dealing with personal wealth. He lists two stages of investing that people should follow when they look to make investment decisions.

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Wealth accumulation stage The first stage is the wealth accumulation stage, where people should earn and save, irrespective of their age, and can be extremely aggressive with an investment portfolio. Wealth preservation stage The second stage is the wealth preservation stage, when people should leave their investments to grow and provide a stable income when their own earnings slow down or end.

The wealth accumulation stage comes while you are working, saving and adding money to your investments. The wealth preservation stage comes once your earned income slows or ends.

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Stock market is a core wealth-building tool Collins recommends investing in stocks as he considers the stock market the core wealth-building tool. He says the key to achieving success in the stock market is to hold shares through the downturns and never sell for less.

He advises investors to buy more when shares cost less and not worry when the share price drops. There will be many times when one may have to watch her wealth disappear during an investing career, but one should hold on during these tough times.

That is simply not an option you will ever consider. Why investors lose money in stocks Collins says most people tend to lose money in stocks because they think they can time the market pick the right individual stocks and pick winning fund managers.

How to Invest in Stocks

Instead, investors should adopt a simple yet effective strategy for accruing wealth. Which is:- Follow a simple investment strategy One should think about the acceptable risk level and the time period she would like to hold an investment before making an investment decision.

Based on that, the best investment strategy for you would be a dividend growth investing strategy.

One should keep stocks at the core of their strategy. One should consider buying some bonds to diversify her portfolio, particularly in the wealth preservation stage of life as they can act as a deflation hedge.

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Also, investors should keep as little cash as possible. Keep at least a split where you hold 20 per cent in bonds, 75 per cent in stocks and 5 per cent in cash. You can change that ratio depending on the risk you feel comfortable with," he says. Invest in index funds To avoid short-term volatility, Collins recommends investors to pick index funds as they are pretty safe bets and may provide best returns over time and serve as a hedge against inflation.

Index funds are low-fee funds that mirror the performance of the entire stock market.

Get Smart: How Can You Make Money in Today’s Stock Market?

And by that, what I mean is that if you look at any specific company in that index, you can only lose per cent of that company. But any other company in that index — and Google is a wonderful example of this over the last few decades — can grow exponentially. Educate yourself Collins advises investors to learn about investing before starting their investment journey, which can be achieved by reading and learning from the investment philosophies of the investing greats.

Manage your own portfolio Collins is of the view that investors should prefer to manage their own portfolios and shouldn't trust financial advisers. But there are other aspects where they can be useful.

The problem with financial advisers is while there are good ones, there are a lot who are not.

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By the time you know enough to choose an investment advisor wisely, had you invested that time learning it yourself, you would know enough to do it on your own," he says. Follow a flexible lifestyle Collins says if an investor follows a flexible lifestyle then she will have the ability to bear more risk than the ones having a rigid lifestyle.

NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. Investing in stocks is an excellent way to grow wealth. For long-term investors, stocks are a good investment even during periods of market volatility — a stock market downturn simply means that many stocks are on sale. One of the best ways for beginners to get started investing in the stock market is to put money in an online investment account, which can then be used to buy shares of stock or stock mutual funds. With many online brokers, you can start investing for the price of a single share.

He says when the market goes down or when an investor's income slows down, investors having a greater ability to cut costs or create new income opportunities will be able to deal with these setbacks better and prosper when the others will tend to panic make money yourself in the stock market falter. How willing and able are you to adjust your spending? Can you tighten your belt if needed? Are you willing to move to a less expensive part of the country?

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