Photo by Tima Miroshnichenko

Getting the best investment tips from successful businessmen will help boost your business activities, finances, assets, and potential.

Ron Tank’s “The Moses of Wall Street: Investing the Right Way for the Right Reasons” is a business guidebook that provides tips on how to correctly invest in things with the help of your skills and faith in God. Investing the right reasons is key to reaping what you sow in the process of leveling up your progress in the market.

Running a business and taking care of your investments is not an easy job. It takes time to perfect some strategies you are using to grow your money. Fortunately, some successful people in the field of finance share their experiences in the field.

Here are investment tips from successful businessmen that you should take to ponder:

Manage Your Finances

Before dealing with huge investments, you must start managing your finances first. Planning your finances will help you balance your accounts to control debt plans, emergency funds, and personal finances.

Taylor Schulte, host of Stay Wealthy Podcast and a certified financial planner, said that you should go through a comprehensive financial planning process before getting an investment portfolio to clear any risky financial problems that may go your way.

Identify Your Goal

Investment does not just start when you don’t have a goal to achieve. So, what do you intend to reach in the long run? Is it for a retirement plan? Is it for your kid’s college education? You must understand your time horizon in order for you to get your investment plans going.

According to Derenda King, a certified financial planner, understanding your goal and time horizon lets you afford to take on more risk if your current investment plan allows more time to recover from market volatility.

Know Your Strategy

Every successful businessman uses a strategy that helps them cope with the different challenges that come their way. If you have already identified your investment goals and time horizon, then it is time to pick your strategy to achieve the goal.

So, how will you allocate your assets? Does the asset allocation align with your business goals and time horizon?

Your time horizon will help you identify the different timelines that each investment requires to get completed. Stacy Francis of Francis Financial suggests that your investment with the shortest timeline should be conservatively invested with 50-60% in stocks while pouring the rest on bonds.

Check out Economic Concepts for Beginners to learn more about economic jargon.

Investing is Always a Challenge

Investing is risky. You must be able to identify the risk you are about to partake in whenever you plan to invest in big things for your future. Understanding the risk allows you to be more open to possibilities, whether your activity gives you a good return on investment or not. That is why it is important for you to identify the different goals in the timeline so you can lock in some gains as you get closer to the deadline.

Diversify

Investing in funds for diversification can greatly help in gaining more instead of focusing on individual stocks and bonds. Investing in through mutual funds and exchange-traded funds allows you to create a diverse portfolio. This portfolio allows broad exposure to a huge number of stocks and bonds.

Take Note of the Investing Cost

As discussed, investments are a risky job as the cost actually affects your gains and losses. You have to keep in mind that your funds would need fees to keep them afloat. You need to balance your funds while growing your investments.

Assess Your Investment Strategy

At the end of the day, you should always reassess your business activities to keep your gains and losses in check. Reassessment is always a good tip for long-term investing. So, is your strategy effective in the long run? What are its strengths and flaws during the past few years of applying it? Are there other strategies that are better? How do you improve your current investment strategy?

The business world is a shifting sand, you have to keep track of your gains and losses to control everything you currently have and avoid too much loss in the long run.

Ron Tank’s “The Moses of Wall Street” shares these tips as well. Ron does not only talk about business and investment ventures. He also talks about his trust in the Lord as he went through the ups and downs of his investment journey. You may order his book here.