It is an innate nature of people (the want) to get rich, fast! But honestly, a lot of us too, has been blinded by a number of scams and investment companies. There were people who learned their lessons about investing, although there are still some being fooled until now. So, if you would not want to be blinded and scammed, read on.
- Set clear investment goals — long-term goals to be exact. Keep in mind that “time in the market is more important than timing the market.”
- Automate your savings (pay yourself first)
- Know you risk profile – this is perfect when done with someone who knows more about investments.
- Consult your advisor (about many things associated with investing) – item number 3 above goes perfect with this.
- Diversify – As you may have already heard, “Do not put all your eggs in one basket” as they say.
- Be realistic – be honest with yourself too.
With your investment, ask yourself “do you need life insurance cover?” If you want your investment to be protected, protect yourself first. When you discuss with your advisor, be clear with your goals. It is okay to be very honest with them regarding your capacity, plans and needs. This way, they would be able to provide you a quality investment advise.