Although the Bible’s King Solomon was a rich and famous monarch, his most enduring legacy is his never-ending quest for wisdom. “Happy is the man that findeth wisdom, and the man that getteth understanding,” he says in Proverbs 3:13. And, as Jason Hartman also tells us, wisdom and understanding in investing lead not only to happiness, but also to control over your financial future.
Echoing Solomon’s words, the first of Jason Hartman’s 10 Commandments for successful investing tells investors: “Thou shalt become educated.” Knowledge is at the center of a successful investment strategy — the linchpin of charting your own course in the world of property investing.
Acquiring knowledge is the first step toward taking control of your financial destiny. Learning all you can not only provides a basis for making decisions, it can also protect you from questionable advice from those claiming to be experts in the field. As Jason Hartman says, “you are your own best advisor.” And the way to become your own best advisor – and to protect yourself –is to find out everything you can about your potential investments.
Start with a list of what you don’t know – and what you need to know. Then start finding answers. Today’s technology puts vast reservoirs of information at anyone’s fingertips, and as little as an hour on the Internet can start you on the road to becoming an expert — or at least to becoming a person who can talk knowledgeably with experts.
For example, if you’re following Jason’s recommendations about investing in rental real estate, that might mean studying the state of the current housing market or learning about the recent real estate collapse that led to massive numbers of foreclosures and distressed properties, and how those events contributed to the current conditions. Your real estate education might include learning more about the field of real estate itself, or about investing. Only you can decide that, based on the goals you’ve defined in your investment plan.
At some point you’ll want to take the next step – finding a qualified investment advisor to guide your investments. The time spent educating yourself on all aspects of the process will also help you decide on the best candidate for the job. With your own knowledge, you can ask the right questions – and, since you’re well informed, you’ll be better able to work with your advisor throughout your investing career.
Wisdom, education, understanding — the point is the same: in today’s investing world, as in King Solomon’s day, the more you know, the more power you have to take control of your investing career and future financial health. (Top image: Flicker/DVSImn)
The Solomon Success Team