When it comes to investing many people believe it’s only for the really wealthy and you need to have a lot of money to start out. That might be why so few people actually own shares.
The key to building wealth is developing good habits like regularly putting money away every month and leaving it there to grow. Before you put your money into a particular stock, fund or investment trust you should learn as much as you can about their history, past performance. their market, their competition and anything else that will help bolster your confidence in your position.
Warren Buffett once said If you aren’t willing to own a stock for 10 years don’t even think about owning it for 10 minutes. Meaning that when choosing a company to invest in you should have a long term outlook.
You will also need to create yourself an investment plan which outlines your financial goals, how much you’re planning to put in up front and or contribute regularly as well as how long you plan to hold that investment. If you make investing a habit now you should be in a much stronger financial position down the road.
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