The Depression Era people were right in saying ‘Save your pennies and your dollars will take care of themselves.’ This stands true not just back in the Depression Era but even today. If you understand your daily budget and manage your money on a daily basis, then you will notice your monthly budget difficulties slowly fading away. To manage your expenses well, start by reviewing or creating a monthly budget and then opting for a daily money manager scheme.
Tips to become a professional portfolio manager
Becoming a professional portfolio manager is not an easy task. It requires years of slogging at schools and even more years of experience. Even with these, luck is yet another factor that makes a good portfolio manager. Here are a few tips to help you become an expert portfolio manager-
- Pursue an undergraduate degree in economics, finance, business or accounting. Even though undergraduate degree in these streams is not mandatory, these are the common options and they will prove useful later on. You can go to a university or a local college to get this degree or you can even get it online. This way you will be able to develop a good background understanding for trading bonds and stocks.
- Go for courses that will help you get a Chartered Financial Analyst designation. It should take you a minimum of three years to achieve this. The second year of studies is usually considered as the most difficult year of the program and a background in financial accounting will be of immense help during the tough times.
- To get some practical experience, look for a job at a mutual fund or money management firm. This will help you get ahead in the competition.
- Understand the markets working and try to learn the investment philosophy of your firm. This will help you develop a sixth sense that will give you the instincts as to when to buy and sell securities and integrate that into disciplined trading approach.
- Gain a permanent status in your firm. Individuals who have at least 20 years of trading experience are eligible for excellent job opportunities with top-level fund companies like the American Funds.
Now you know how to become a professional portfolio manager with top-level companies. Remember that eventually, experience alone makes a daily money manager proficient in his job.