How can you get your masterpiece published? On this weeks Goldstein on Gelt show, you can get the lowdown on Internet publishing how to put your book out there and make money online. Penny Sansevieri, founder and head of Author Marketing Experts, returns to the show to give some more red hot internet publicity advice after the reissue of her e-book of the same name. Whether youre a budding author or not, dont miss this interesting interview.
Posts Tagged ‘financial advice’
In the first half of this week’s podcast, Doug meets Jim Rogers, the author of Street Smarts Adventures on the Road and in the Markets. Jim is also an author, investment expert, and financial commentator who has appeared in various publications, including Time, The Washington Post, The New York Times, Forbes, Fortune, and more. Jim tells Doug about investing in commodities and why it is advantageous to invest in what you know. Find out more by listening to this interesting podcast.
This week, meet Michael K. Salemi, professor emeritus at the University of North Carolina-Chapel Hill. His many writings include Money, Banking, and Financial Markets: What Everyone Should Know. What do you need to know about your finances and the world of banking? Find out by listening to this weeks show.
One of the reasons why many investors fail in their investments is because they are driven by their emotions. This problem is studied by academics who specialize in an area known as behavioral finance.
People make decisions for all sorts of reasons, but when you make an investment decision based on emotion, not fact, you stand to lose your head, heart, and pocketbook.
For example, sometimes investors hear some positive news about a certain stock and they rush to buy it simply because they feel good about it. They haven’t necessarily researched its individual merits, or checked it against their financial plan to see if it fits with their overall investment goals. They just make a sudden investment decision.
Have you ever done that?
Many investors are driven by fear or excitement, and in both cases their surging adrenaline may help them in a “fight or flight” situation, but not with their investment portfolio.
If an investor is too fearful, he could end up either selling a stock needlessly or not developing his investment potential enough. But sometimes investors don’t have enough fear and they become the victims of Ponzi schemes and other scams.
I recently spoke with Professor Meir Statman, author of What Investors Really Want, on the Goldstein on Gelt show, and I asked him why he thought people let their emotions get the better of them. He replied, “People follow their intuition, and their intuition says that they can tell the difference between honest people and dishonest ones. Dishonest people take advantage of precisely that.” (Click here to hear more of what Professor Statman has to say.)
In the ideal world, investors have the time and resources to take a step back from their emotions and properly research financial moves. But in the real world, who has the time, financial background, or desire to educate themselves properly before making rational investment decisions?
What’s the solution for avoiding the pitfalls of emotional investing?
Find an effective and reliable financial planner. A financial planner has the knowledge and background necessary for researching and assessing various investments and finding out which ones are the most appropriate for you and your financial goals. For this reason, it’s worthwhile taking the time and calling your financial planner today.
Having an objective certified professional oversee your investments is the best way to prevent yourself from falling into the trap of emotional investing.
Is there a connection between capitalism and the Jews, or is this just an anti-Semitic canard? In the second part of this week’s Goldstein on Gelt show, Douglas Goldstein meets Professor Jerry Z. Muller of the Catholic University of America, who answers this question and more when he discusses his new book “Capitalism and the Jews.”
What would you do if you won the lottery? What does a sudden injection of money, such as winning the lottery or getting an inheritance, really mean?
- What does Mr. Tax Man say about it?
In the real world, money doesn’t just belong to you. Whether it’s sales tax on your purchases, income tax on your earnings, or capital gains tax on the sale of an asset, tax is paid on the majority of transactions. So the first thing you would need to do is find out whether you are liable to pay any taxes on receiving your windfall, how much, and what this means. Once you know this, you’ll have a much better idea of how much money you really have at your disposal.
- Having money isn’t all about spend, spend, spend
Now that you have some money, your goal shouldn’t only be to spend it as quickly as possible. Take the time to create a financial plan and figure out whether this windfall is really “extra” money, or is needed to make sure you can retire comfortably and fulfill your other financial goals. Perhaps receiving unexpected funds means that you won’t need to save as much (thereby improving your current lifestyle), or you can now leave a larger inheritance, or support a philanthropic project.
While it’s tempting to spend your windfall, don’t forget about savings. No matter how young or old you are, you need to think about retirement at some point in your life. Get objective advice about the investments and savings plans that are best for you, given your age, your income, and your personal situation, by calling your financial planner.
- Take it easy
News of your lottery win or unexpected inheritance is sure to spread and your telephone is going to start ringing. Be careful of who you take advice from and who you give gifts to. Relatives, acquaintances, and people you’ve never even heard of are suddenly going to remember who you are and bombard you with lots of advice and possible uses for your new found wealth.
Don’t rush to do anything. Let all the excitement and novelty die down first.
If you make your financial decisions based on logic and information, not on thrills and emotion, you’ll find that your sudden gain has made you into a real winner.
Why do senior citizens, who have so much life experience, fall prey to fraud schemes so often? And who would be heartless enough to con an elderly grandparent? On this week’s Goldstein on Gelt show, Doug Shadel, senior director of Washington’s AARP and a leading expert on fraud and the elderly, explains how you can protect yourself and the people you love most from scams and cons.