If you panic and sell at the bottom of the market it can easily cost you £10,000's - I wouldn't be surprised if my mother realised a loss close to £100,000 after the 2008 crash. The principles of passive investing, that most people here follow, are indeed fairly simple once you understand them but you have to be confident and resolute. I'm such a complete tightwad that I'm too embarrassed to admit examples of my frugality, but I'm glad I bought it. When I read Smarter Investing I had already been reading this subreddit for at least a year, if not two, and I had some understanding of the passive investing methodology but reading that book is what made it "click" for me - it all fell into place. There are a couple of comments here saying that it doesn't tell you anything that you couldn't learn here, but IMO Smarter Investing explains it in a very clear and well-structured way. I'm very glad I paid for it - I got a secondhand copy of the 2006 edition for about a tenner delivered, I think.
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