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“Shark Tank” Investing Advice –

Since poor investments often lead to serious debt, we all need to seek out general investment advice from highly experienced financial advisors. Here are some useful tips shared by the entrepreneurs who regularly appear on ABC’s Shark Tank series.

Published in the March 2016 issue of AARP magazine, this advice was specifically provided by “Sharks” Barbara Corcoran, Daymond John, Lori Greiner, Kevin O’Leary, Mark Cuban and Robert Herjavec. It should prove helpful to both new and more experienced investors. Of course, always start out by determining if you really can afford to make a new investment – while still meeting all of your current monthly bills (and building up a savings account).

Tips Shared by “Shark” Kevin O’Leary (Known to fans as “Mr. Wonderful”)

  • Always be prepared for negative events to happen – because they’re a certainty. As Mr. O’Leary put it, “There’s a 100 percent certainty [that] the unexpected will happen.” A good way to stay prepared is to “keep 10 percent of your total assets in cash;”
  • “Never put more than five percent (5%) of your money in any one stock.” This will prevent you from taking any huge losses;
  • “Do put more than 20 percent of your investments in dividend-paying stocks and 50 percent in interest-bearing bonds.” O’Leary also says that he never lets his fund managers “buy a stock that doesn’t pay a dividend.”

Mark Cuban Shares Some Investing Advice – Along with Several Other Sharks

  • Cuban likes to say “follow the green, not the dream.” This means that you should never get so tied up in your dreams for your company that you forget to make enough money to cover your ongoing living expenses and savings needs;
  • “Never underestimate your competitors.” Many of them are constantly plotting to take your customers away from you and outperform your product or delivery of services;
  • Cuban and others remind all investors to observe experienced investors so you can learn to easily spot a bad deal – and walk away from it unscathed. This is often best achieved by:v
    • Doing your research so you can fully understand each investment. Too many people were easily “hoodwinked” by con man Bernie Madoff because he promised an unreasonably high profit return – that many didn’t fully investigate;
    • Keep your emotions out of your investments. You have to learn to live within your means – and only make major purchases and investments when you actually have the cash to pay for them;
    • When trying to negotiate a deal, speak the truth – and treat others with respect. (Note: Kevin O’Leary might not endorse that second part of the sentence – but he clearly believes in bluntly telling the truth (as he sees it);
    • If you’re going to take a risk – make sure it’s a calculated risk. One of the “sharks” says that a calculated risk is “based on knowing the outcomes of similar investments over a long period of time;”
    • Robert Herjavec recommends that investors should constantly ask themselves “what they’ve learned each time they look into actually investing in any stock or project;”
    • As you grow older, says Barbara Corcoran, realize that your age helps, “you gain more knowledge and wisdom.” She then adds that aging shouldn’t be viewed negatively since it provides a chance to put your extra wisdom to good use by locating the best opportunities before others;
    • Robert Herjevac also tells us to deal ethically with others. He reminds everyone to avoid just trying to “pull the wool over someone’s eyes.” Since life is long and you might need or want to do business with some of the same people again in the future, try to make a deal where “both [or all] sides walk away feeling like they’ve gotten value.”

While this AARP source article is fairly short and to the point, it offers a generous breadth of information. Always remember one point made at the end of this piece that none of us should ever think we know everything about investing. Instead, we must all actively keep listening and learning from others.

Should you have currently reached a point when your finances are fully beyond your control –and if you’re wondering if you should file for bankruptcy — be sure to contact your Dallas bankruptcy lawyer.

Carlos Galliani is an experienced Texas bankruptcy attorney who fights hard to protect the rights of every client. He’s fully prepared to handle your Chapter 7 or Chapter 13 bankruptcy. Please call to discuss your Chapter 7 bankruptcy case with Mr. Galliani at (214) 301-3400.

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