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Reply to "Share your financial mistakes or coups "
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[quote=Anonymous](1) If you're going to buy individual stocks - buy reputable companies with the intent of holding. Market timing just does not work unless you are an expert who watches the market constantly. (2) Go with the high paying volatile industries when you're young and can take the risk and the stress. (3) Live below your means while in those industries so that you have a good nest-egg whenever you inevitably have to exit -- whether due to a lifestyle change, economic crash etc. Then you'll have your options open to go non-profit or whatever else you love/want to try out because you'll have a solid cushion. (4) Don't ever act like an job is "permanent" unless it is actually a gov't job/lifetime appointment situation. There are too many highly paid types who spend thousands in a yr, get themselves used to and locked into certain lifestyles, and then are completely lost and depressed when forced to downsize if things go south.[/quote]
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