The beginning of the new year is a great time to plan for the future. Plan on how you will be able to earn more passive income this year than last year. Here are 3 tips to help you earn more:
1. Remain Focused
Ignore all the media noise about debt, high unemployment, and downturns. Do not jump from one strategy to the next. Stay focused on investing in quality dividend paying companies when they are undervalued.
Investing requires patience, in the short term stock prices go up and down, in the long-term history has shown that value stocks perform very well. This is why I teach in the Simply Investing course that any money you require in less than 5 years (to buy a house, car, or go on a trip) should not be invested in stocks. Investing in stocks requires a a long-term outlook.
3. Buy Low
Remember the saying "buy low, sell high"? Buy quality stocks when they are priced low (undervalued), this way you can maximize your profit. There is no point in buying any investment (mutual fund, stock, index fund, real estate) when it is priced high, you will never make any money on it or it will take decades to realize a small profit. How do you know when a stock is undervalued? Watch my webinar where I explain how to determine when a stock is priced low.
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