How do I start my journey of investing for the future?
There are a few key steps to kick off your investment journey. The only general advice I will give is
- Only invest in things you understand
- If something seems too good to be true, it normally is
Here are the steps to consider:
- Know what investing is and different ways you can do it – Converting your savings into investments can be a great way to grow your money. There are countless things to invest in and you can either DIY or pay someone to invest on your behalf. We take you through the basics without the jargon so you can get started
- Understand how much risk you are comfortable with and how to manage it – All investments have some risk, this can range from the growth being less than anticipated to a complete loss of your money. It is important to know how much risk you are comfortable with and how to choose investments that take this into account
- Implement a plan to get started and monitor your progress – You can start small and simple with investing and continue to increase the amount invested and the complexity of your strategies as you become more comfortable with it. You will also learn how to track how your investments are going to ensure you remain on track
