6 Tips On How To Invest Your Money Wisely
Not everyone believes in the stock market, basically because there is the belief that the stock market is for rich people. According to Wiki How “ Investing is one of the best ways for anyone to create wealth and become financially independent “. So how do you go about this journey to attain financial dependence and acquire wealth?
Of course the dynamics might seem confusing, some of us have tried investing and haven’t reaped the benefits or we have just been biased. This doesn’t make the investment market a bad market to venture into, it only says to us that we should go into investment knowing the proper channels and routes to investing.
Here are a few tips and you can jump right into the investing pool.
Do Your Research
Ensure that investment is right for you. Before investing, always ensure you have your basic financial needs taken care of in the event of a job loss or catastrophic event. Know the type of investment fund you would like to venture into. Do not invest in anything you are not familiar with.
Invest 15% Of Your Income
Consistently investing 15% of your income every single month will grow your wealth in a huge way. Have the money automatically deducted from your paycheck and deposited straight to your investment accounts.
Do Not Be Conservative
Keeping all your money in one investment fund is a terrible idea, it might be safe but definitely not the smartest choice. So spread your money and do not be emotional with your investments.
Seek Wise Counsel
Hiring a financial planner that takes a percentage of the money you invest as compensation will put a huge dent in your investment returns. Ultimately that will cost you tens of thousands (or more) over the long term.
Stay Out Of Debt
When you have no debt, you have more money to invest. The more money you invest, the more opportunity you have for your investments to grow into a huge pile of wealth! Voila!!
Be Patient With Your Investment
Remember that investing is a marathon, not a sprint. It’s totally normal for the value of your investments to go up and go down over time. But as time stretches on, they will almost always go up in value. So be patient if your investments are not performing very well right now.
Source: Celebrating Financial Freedom