I recently finish reading Tony Robbin's "Money Master the Game" book for the second time and got more out of it this time around because I have a more mature investment portfolio.
One of the rules of investing is to never invest money you can't afford to loose but did you know that there are types of investments where your guaranteed to get back the money you put in? In his book, Tony Robbin shares many such ideas where you put money somewhere that is guaranteed not to loose with a chance of making more. One such idea was to invest in copper coins - you can either sell the coin for the copper value (if more than a cent) or use it at face value (of a cent). It's sounds kind of crazy but I've actually seen someone in the news do this and it was working for him.
Those aren't risky investments so they don't bring in as much either but the fact that you can't loose it can be liberating for some. If you decide to use this strategy with bank investments, rather than such things as copper coins, then the catch is that the bank will only give you 1-4% on your investment and keep the rest of the money that it can potentially make.
Since we're overdue for a recession, and that the Coronavirus seems to be slowing the economy down to a standstill, now might be a good time to look at those types of investments or wait until the recession hits and then buy more. We have to remember that recessions brings opportunity as much as it brings downfalls. It is wise to wait until the stock market hits a low before buying stocks. Many do the opposite where they buy stocks when the market is at the highest and sell it when it's at its lowest out of fear that they will loose more money. If you follow the "don't invest what you can't afford to loose" philosophy then you shouldn't have to sell your investment portfolio when the economy is in a low.
Tony Robbin's "Money Master the Game" book is a must read if you are new to the investment world. You can buy it on Amazon.
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