Sometimes too much information can be overwhelming; many people decide it’s too hard or they’ll start later. The best way to improve your long term chances of success in investing is to start now – small actions now have a huge impact over time. Start a savings account with a regular direct debit, buy an ETF every month, or increase repayments on your debt – choose one or more simple actions and start today. Even better if you can automate them; discipline is overrated.
“Don’t put all your eggs in one basket” – Humans are rather strange, we research buying a fridge, a car and even our makeup, but when someone gives us a hot share tip, we pile all of our savings into one idea. Always diversify your risk, don’t pop all your savings into one share tip. Investing across a number of shares or a couple of different ETFs over time, means if something goes wrong with one of the investments, you will not lose or suffer losses on...
Rachel O’Connor Director of Flourix Wealth and Betsy Westcott have helped by putting their top tips together for us! Thanks Rach (we are sending you a telepathic high five).
1. Write, Aim, and Fire at your Goals
The point of investing is to get you to your goals. It’s not about talking up the next hot tech stock over brunch with your friends, simply beating the share market for fun, or buying property so you can add ‘investor’ to your Linkedin profile. It’s all about YOU, YOUR goals and getting YOU there to live the life you chose.
So the first thing you need to do is write down your goals and (hot tip alert!) be as specific as possible. Then you aim at your goals. Divide them up into short term (1-3 years), medium term (4-6 years) and long term (7+ years). Identifying the timeframe is going to determine the kinds of investments you will make and therefore the results you achieve. You’re now ready to fire!
2. Tap the magic of...