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What’s your idea of what it is to become wealthy? Is it retiring at age 40? Is it buying a vacation home on Maui? Or maybe it's buying a 50-foot sloop and spending three months a year cruising the Caribbean?
While we all have some idea of what to become wealthy would mean the majority of Americans have no idea as to how to get there. They have a vague idea that it’s important to save and invest but very few people really understand the stock market except t
It makes for great TV but …
All of this news and all of the experts make for great television but it’s important to understand that this is the foam and the only thing that matters is the beer – the company's real operating money – which is what over time drives the value of the market even higher. In fact, according to Collins the more attention you put on the stock market the poorer your investments are likely to perform. And, again according to Collins, this is not just an opinion. It's a well-documented fact.
What a novice investor should do
Collins suggests that if you're a novice investor you should go to the library and check out some books on smart investing. Spend some time learning about bonds and stocks and how the markets work. Read especially about index funds since this is where you'll be investing your money.
You will become wealthy
If you stay on the simple path you will eventually become wealthy – regardless of how you define the word. But do understand this will not happen in the short term. It will take time and self-discipline but stay on this simple path you'll ultimately get there.