New to Investing? Let These Beginner Tips Be Your Guiding Light
If there’s anything the recent virus outbreak and the subsequent lockdown has taught the world, it is the importance of financial stability. And having a financial safety net is everyone’s priority, especially right now. So, you may have seen many people taking up extra jobs and some people have decided to switch careers all in the name of getting their hands on more funds that would help them stay afloat during trying times.
However, there is another group of people that are paddling their boats in the direction of investing. Now, if you’ve made your way through the education system, you know that this subject isn’t one you’ve been taught. The only thing that can help is self-education. Generally, when you start investing you should be able to understand when to make the right decisions. Investing your money can be quite rewarding and if done correctly, it can promise you an earning even when you are not working. It can also be an asset as well.
So the question comes in, where to start? How to start? And what to do? Well, we’ve got your back. Here’s what seasoned experts have to say about the spectacle that is investing.
According to Robert Kiyosaki, a businessman, and author, your first step should be to understand your current financial situation. This means you need to make notes of how much you earn and how much you save and make your way from there. The first rule of investing is to never risk the money that you need for daily bread and butter. Next, Chris Vaughn, co-founder of Saucey, talks about setting goals. He also talks about starting small since it can help you get an idea of the world you’re getting into. It’s kinda like dipping your toe in the pond before jumping all in. And, it can build up your investment portfolio.
The Classic Investment Strategies
Sometimes you don’t have to fall for the marketing gimmicks that promise to make you a millionaire in a few months. This is where you opt for the classic investment strategies like Haim Medine, the Co-founder of Mark Henry Jewelry, suggests that target-date mutual funds are an excellent method to stay safe and be able to save up for your retirement.
Michael Scanlon, the co-founder and CMO of Roo Skincare, offers friendly advice suggesting that beginners should try to opt for low-risk opportunities since they are affordable and well, low-risk. You’ll have one less thing to worry about. A great example would be investing in index funds – you can easily track them and the fees is usually low.
While all this advice is important, the most important advice is to do your homework before starting anything. Happy Investing!
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