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Last year September I decided to throw away the ingrained belief that putting money in the stock market is gambling. I studied a lot on this, and then decided to plan my future and became a long-term investor. I took the plunge and read up whatever books and articles I could find on investing and then convinced myself to go for it.
I sometimes feel that I started out too late. I am 34 now, and people who are my age now, but started at age 22 or 24 might be in a much better shape. But, its better late then never. I decided to take control of my finances, and now have a budget that I update every month, I keep track of my passive income (dividends and interests earned) ever month, and I am also currently in the process of building my nice little retirement portfolio. I also keep track of my net assets and liabilities every month. This is my favorite past-time now, and I love it. I just regret not doing it in my 20s.
The other day my friend told me that "long-term investing is for failed traders". This is partially true. Before deciding to become a long-term investor, I got fascinated by Forex trading, and played with some demo accounts for 3-4 months. Then when it was time to put some real money I even did that, and ended up losing $2650 of real money (all of the capital that I had put in forex) in it. The leverage and margin killed me. I got to know my limitations and learnt more about myself in the process. It was a very nice experience for me and it has helped me a lot in terms of my long-term investing plans. I hope to become a better investor then a trader. Hopefully, if I end up saving a lot of money one day I can think of opening my own trading corporation and can do trading again. This time I won't repeat my mistakes again. But till then, my long-term portfolio is keeping me busy. Afterall Mr. Market is on sale nowadays...
Love is blind, but marriage is a real eye opener.