I Will Teach You To Be Rich [PDF]

English Novels, Money, Motivational

Summary
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I Will Teach You To Be Rich – Book

If your risk tolerance is low (if you’re scared of bears), or you’re approaching retirement, it’s best to keep your money someplace safe, such as bond funds or high-yield savings accounts. I keep cash equal to a few months of expenses in savings. I have a friend who is far less risk-tolerant than I am who keeps an entire year of expenses in savings. (Please, if you’re going to set this much money aside, put it into a high-yield savings account or certificates of deposit!)

Even if your risk tolerance isn’t all that high, you can still invest in the stock market, even during downturns. Dollar-cost averaging is an excellent way to do this. Dollar-cost averaging simply means making regular, scheduled investments instead of buying into the stock market all at once. It’s a way to mitigate risk. An indexed mutual fund decreases risk because your money is diversified across many stocks. Dollar-cost averaging decreases risk even further because your money is diversified across time.