The first half of 2012 is gone already. It’s time to start thinking about making money, saving it, increasing savings, increasing earnings, and investing.
Even if you are all alone and have no experience in investing in the stock market, you can find actionable advice here. But action must begin at the beginning. So, we won’t discuss individual stocks or investing styles, but we will offer guidelines that will lead inevitably to success. Yes, inevitably.
As the second half of the year begins, let’s begin with the basics. Start your savings account. If you already have one, you are ahead of the game. We are assuming you are reading everything on finance that you understand, have time to read and can afford to buy for your library.
Do you have a financial institution you prefer? A credit union, a savings and loan association, a community bank, or a national bank? We don’t have a preference. Our only recommendation is that you get to know at least one officer, preferably the CEO.
How do you get to know the CEO, you ask? Simple. Go to the annual meeting of your institution. Watch and listen. You’ll get a good idea not only of who the CEO is, but who the chairman of the board and board members are. You’ll meet the staff, too, not just the people on the teller row, but those in the back office as well.
Ah, you say you already have a bank/credit union, etc. account? Open another one in another institution. We’re assuming you have a savings account as well as a checking account.
See what other services they offer. Free bill pay, for example. If it’s not free, forget it. Do the same thing you did before — go to their annual meeting. Don’t know when it is? Ask! Also, ask for their most recent annual and/or quarterly report.
This process of getting serious is not a quick and easy trip. But it’s fun. You have to dig down into the weeds in order to get a deep understanding of money and how it moves.
Why have your money at more than one institution? Tune in tomorrow to find out!