Things could get pretty overwhelming when you’re just starting to invest. Much like cooking steak, there is no wrong or right way. There is just the way that fits your taste best and you wouldn’t know what your favorite might be - until you give it a try.
FOOD RECIPE: High Steaks
-Rib eye Steak
- Grass-fed Butter
- Herbs of choice (Rosemary + Thyme)
Choose which recipe works best for you:
1stOption: Traditional Recipe
Shorter Prep time
- Place butter or oil over high heat
- Sear the steak slab on both sides for about a minute each, until browned
- Baste the liquids on your eat to keep it moist
- Place steak in the oven to bake for about 3 minutes
2nd Option: Sous vide Recipe
Longer Prep Time
- Season the steak with salt and pepper
- Place steak in a bag with a tablespoon of butter and 1-2 twigs of herb per side.
- Vacuum seal and place in the sous vide cooker for 1.5-6 hrs (the longer the better)
- Pour all contents of the bag, except meat, into a hot pan. Wait for the oil and herbs to heat up.
- Sear meat over high heat for about a minute on each side
FINANCIAL RECIPE: High Rewards
- Money that you can set aside
Choose which recipe works best with your investment style:
Don’t know what your investment style is? Take our Investmentality Quiz to find out
Bright Ideas from Randell and Marvin:
Many great dishes have one thing in common – a good meat or soup base. Investment, just like food doesn’t have to be complicated. Take these simple investment tips as a good base for your personal finance recipe.
Tip 1. Try everything at first. Just like food tasting, trying out different investment products allows you to know what you’re good at and what portfolio mix works for you.
Tip 2. Start small. Fund your investment with money that you can afford to set aside and not use for a long period of time.
Tip 3. Be consistent. Investing regularly has three important advantages; you can get the benefit of cost-averaging, you are actually growing your money, and you become more comfortable with managing your money.
Tip 4. Be patient. Don’t get swayed by get-rich-quick short cuts. Learning and earning takes time, so don’t be discouraged if you don’t get results right away.
Tip 5. Know your goal and set your own timelines. Having a clear objective will help you tide over the ups and downs of the market so you can avoid acting on impulse if things don’t go your way.
When it comes to mutual funds, think sous-vide – a long slow-cooking process that begins with putting in your resources in the pot to leave and cook on its own. The result is a well-marinated meat that’s cooked-through tenderly – a perfect base for various meat dishes. If you take your time to do the proper prep-work for your money, you will have a good and stable investment base so you can diversify smartly and streamline your portfolio.
Start your financial recipe today:
Randell Tiongson, RFP is a best-selling author, columnist, and trainer on personal finance. To read his personal finance blogs, visit www.randelltiongson.com.
Marvin Germo, RFP is the best-selling author of the Stocks Smarts Series. You can know more about his money philosophy via www.marvingermo.com.