Sources of Advice
Can Provide Important Clues
Sources of advice and free stock investing tips on which shares to purchase can be obtained from a variety of sources.
It is not my intention here to provide advice on particular shares, but to concentrate on discussing where advice can be obtained.
Some advice costs nothing and other advice costs a lot. One source of advice that is free and offers an excellent range of advice is a beginners guide to investing that will help you understand a range of basic financial products and services.
You need to tread carefully as fees and charges can seriously erode any profits that may be forthcoming – and the aim is to maximise profits!
The amount you spend on advice and help with investing should have some bearing on the total value of your portfolio.
I have worked on a maximum of a 2% spend for advice on a small portfolio (A$5,000 to $10,000) dropping to 0.5% for a much larger portfolio (e.g., greater than A$500,000).
What I am saying is that you need to be realistic in terms of what you are prepared to spend. Keep in mind, however, that these costs may be tax deductible.
I have listed some sources of advice below. This is not an exhaustive list and reflects to some extent where I have obtained advice in the past. Some of these sources offer free stockmarket information.
I still find it useful however, to look at advice from other sources, but then do my own analysis before deciding whether to act on the advice.
Here are some sources ...
Knowing where to find information and advice can provide important clues as to which companies to subject to your own independent analysis.
Being able to pit your analysis against those in the financial press and elsewhere will make you more aware of the inadequacy of some of the advice that is published by so-called financial experts.
A healthy degree of scepticism will serve you in good stead when using financial advice and financial information in your future financial decision making.
Accurately tracking your performance will also help you to evaluate which sources of advice are most useful.
Do you know how to accurately track your performance? If not, make sure you discover this important aspect of stock investing using the irr formula.
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