Michael T. Haas is a financial and real estate professional with years of investment experience and success. Though the seasoned pros often make investing look easy and fun, beginners shouldn’t jump into the field without making sure that they’re well-educated.
Those with the experience of someone like Michael T. Haas will often impart wisdom such as the points outlined below to all new investors:
- Don’t Put All of Your Eggs in One Basket – Diversification is among the most important investment rules, and it can be remembered with the classic adage of “don’t put all of your eggs in one basket.” Your investment funds should be spread across different types of investments for the security. A complete stock and bond portfolio with global diversification is best.
- Fees are Part of the Deal – Investing is rarely free. Investment professionals charge fees, as do investment platforms and other options like mutual funds or exchange-traded funds (ETFs). Know your fees before you invest and remember, if it sounds too good to be true, it probably is.
- Taxes are Still Relevant – Taxes will likely have a big impact on your investments. When you cash out, you’ll have to pay capital-gain taxes, and various factors will affect how much you owe. For example, long-term investing is cheaper than short-term investing, and you can contribute to a 401(k) plan tax-free (until you withdraw your funds, that is).
If possible, look around your area for a seasoned professional similar to Michael T. Haas and request mentorship aid. Often, these businesspeople will happily help you begin your investing career through mentoring.