Jorgen Vik: Sharing your money wisdom can help others | Lifestyles

Once a month I present a money topic in the new center in the Belvedere. Most recently the topic was “Just one thing”.

Fifteen participants between 50 and 80 shared their thoughts on what particular investment or hour of money they would like to pass on to others. We left for 75 minutes before I had to stop her.

As you read, think about what lesson you want to share.

Start early to unlock the compounding returns. It’s hard to understand, but according to Politicalcalculations.com, it would be worth $ 370,000 today if someone had put $ 1,000 into the S&P 500 60 years ago. Imagine starting with $ 10,000. Or $ 100,000.

Wishes are not needs. It’s so easy to get caught up in the hunt for more and nicer stuff. If you go down this route, you may find that it is never enough.

Watch out for your debts. Most of us need loans to buy a home or a car. Because of me; Just make sure you can afford the monthly payments even if you suffer financial setback.

Have an emergency fund. You never know when an emergency might strike you. With a financial buffer, you can invest other long-term money for growth.

Diversify, diversify, diversify. It’s easy to fall in love with a stock, especially if it’s your employer’s stock, and put all your eggs in one basket. The folks at GE, GM, Enron, and others can tell you how bad this can be. Life is changing in a bad way.

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