Investing has long been one of the best ways to increase a person’s net worth. This can be done short term or long term, but how does one start? Especially during the current situation where a lot of people have been left without funds due to coronavirus. This can be because their hours have been reduced or worse, because they’ve been made redundant entirely. However, there are still ways to invest. You don’t need millions in the bank to do so. Here are some top ways to invest. Remember, this isn’t financial advice, but just things for you to explore, think about further, and to consider applying to your own situation if appropriate. Good luck!
Make A Plan
Don’t just start chucking money into the first investment you find. You need to make a plan. How much can you afford? How often can you afford to do it? This is what you need to know. First of all, you need to realise that there’s no point in investing if you’re in debt. This is because the interest on the debt will wipe out gains so make sure you get rid of that first. You might want to look at a Debt to Success System or something similar. Then you need to look at all of your outgoings and income, and from there, your plan can start to take shape.
Hands On Or Off?
There are so many ways to invest, some are hands on, others are off. If you’re stock trading in the day, for example, that’s very hands on as you’ll have to invest hours and hours into becoming proficient and making sure you keep an eye on how it’s performing. If you’re buying stocks through a managed fund, then you’re hands off because someone else is managing the fund for you in a way which is hedged, meaning that it’s far more safer and you can usually relax in the knowledge that you’re likely to make money. All you need to do here is choose your exposure to risk, the riskier the portfolio the more chance there is of losing money but the more chance you have at making it too. It’s all about making informed choices, if you wan’t somewhere reputable to start, try your own bank.
Invest In What You Know
Investing in what you know is one of the best ways to invest, because you’re hedging your risk with your industry knowledge. For example, this could be investing in rare whiskey. Or maybe you enjoy art? Or other fine things which gain in value like jewels or even gold. If you invest in collectable items and sell them on in the knowledge that they will grow in value then you’re ahead of the curve. Sometimes, investing in what you know trumps the most well managed investment funds on the market, so it’s always worth properly considering this avenue before looking at anything else. Again, you might not think you know anything worth investing in but take a long think and then make your decision accordingly.