The 1 Mistake Preventing You From Retiring Wealthy
The problem is that the very fundamentals necessary for an investor to be successful financially is missing - basic financial education.
There was a survey conducted that asked the question; if a person had $100 in a savings account that pays 2% interest per year, after five years would you have a) more than $102, b) less than $102 or c) exactly $102?
Guess how many people answered correctly? Approximately half of the Americans surveyed answered incorrectly. Note, this survey was conducted on Americans over the age of 50. (Source: The Economist, February 16, 2013)
That is a shocking testament to the fact that most people have no idea how basic finance works.
Now, throw in those fancy advertisements for complicated financial products, and the average person has almost no chance of retiring early or wealthy.
This is why many Americans choose to go the route of a financial advisor.
Ask yourself, how many people do you know who use financial advisors that are exceeding the returns of the stock market? Are your friends getting wealthy from the advice of their financial advisor? Most likely the answer is no.
Adding a financial advisor to ‘run’ your portfolio is similar to having a chauffeur drive your car. Sure, you can get from point A to B, but you'll never learn how to drive and the service will cost you a fortune.
How many hours do you spend per week watching sports or movies? How much wealthier will you become by using that leisure time for activities that could improve on your financial well-being?
The next question for those investors who want to be successful, where do I get the information?
There is a ton of information out there and much of it is useless. This is why BehindWallStreet.com was created, to give you the information you need.
By giving you the basic understanding of which stocks to buy and sell, you can incorporate this information into your portfolio and personal risk preferences, which should help increase the probability of long-term financial success.
Remember, making money is not easy. In fact, anything worthwhile in life takes effort. Do you golf? Can you pick up a set of golf clubs and be a scratch golfer from day one? Of course not, it takes practice, sometimes lessons and a lot of effort.
Ask yourself; do you want to be financially successful? If so, it takes some work and a lot of energy and enthusiasm.
At the end of the day, no one will come and rescue you with a big cheque upon retirement unless you create the foundation of financial success.
Consistently making money in UP and DOWN markets is very difficult. That is the reason why we created these products for you.
If you want to learn how to manage your own money, get one-on-one coaching developed by Professional Hedge Fund Traders and Analysts. Either way, the team at BehindWallStreet.com are here to help you on your journey to financial success.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.