Money is the root of all evil
1) Train your child well, teach him the importance of resources but not money, how to maximise resources in everything he does, so that when he grows up he will remember that “Money is just a tool, not everything.”
2) The most important is Education, without knowledge and skills especially be an all rounder, it is impossible to achieve anything without a clear understanding of everything. therefore “Practise makes perfection.”
3) There is always a first step in investments, if you do not have money, you cannot have an additional income, making multiple incomes is the step to financial freedom, money should be a tool to acheive your goals.
4) Do not fall for “quick rich” scheme, there is not any, do things step by step and plan for your own future, only believe if those who are willing to share risks and losses as well, there is no investment advice without risks.
5) A lot of things cannot be achieved without insurance, which is the pooling of resources, every event can be covered if you plan and save for it, to take away the risks of a loss.
6) Derivatives and options should be utilised to take away risks from a future event, but never for investments, use it for hedging and you will not lose your pants, use it for investments without knowing the calculation of probability and risks you will get burned where the hole is so deep there is no bottom.
7) Knowing your exposure to risks is the fundamentals of investments, and the ability to cover your risks will protect your investments, that is why there is a “spreading of risks across a basket of instruments.”
8) If you have a “goose that lay golden eggs” that provide you income, it is only logical to protect your income, never expose it to additional risks, or you may lose your income, never expect to squeeze it dry or the goose will definitely die.
9) Which is more important? Money or a life? I rather throw money to save a life than to keep money and let a life die. This world has teach everyone nonsense, there is nothing more important than a life.
– Contributed by Oogle.