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Posted on 01/30/2018 in Business

6 investment tips for beginners this 2018

The new year calls for changes and resolutions. This 2018, add investing to your long list of things to learn and do. If you got and hasn’t spent your year-end bonus yet, hold onto that for a while and consider investing if you want to grow that amount or at least, make it count.

Since you’re on a fresh start, take the same approach to investing. There’s no better time to get into it than now to kick-start your year. Review your finances and if you have an extra money you can risk on investing, consider it. Here are a handful of investment tips for beginners like yourself this year:

Diversify

If you don't have extra money to start for your investing journey, think wisely before you go through it. Don’t spend what you can’t afford to lose. In this case, don't risk investing the money you got to pay for our loan, rent, and the likes. It’s a huge risk and a pricey one if your investment don’t work out.

The solution here is to diversify. If you don't have a lot but really want to get into the business, you can look into low-cost unit trusts that are diversified across a range of stocks.

Invest in yourself

Even if you do start investing, chances are you won’t make much of it since it takes time, patience, and a lot of work to gain from. Yes, it’s a good passive income, but with the up and down movement in the market, it’s just unpredictable. You win some, you lose some.

Given that, it’s a lot more beneficial to you if you invest first in yourself before anything else. Heard about a seminar related to your profession you think you’d really learn a lot from? Go and attend to it. Invest in what will take your career further first before you put your money elsewhere.

Don't invest in something you’re unfamiliar with

Look, you’re just starting out and getting a good grasp of what and how investing works. Don't push yourself to put money in lots of baskets when you don't comprehend completely how it works and how you’ll gain from it.

Save more, invest more

Saving is a financial management skill that requires a great amount of commitment and discipline. However, simply saving isn’t enough to prep you come to your retirement unless you get an insurance or better yet, invest it.

But before you do so, make sure that you have enough emergency fund for rainy days. At least save 3-6 months worth to cover your expenses and unforeseen emergencies. Again, diversify.  

Only invest what you can stand to lose

A rule of thumb is to only invest an amount you can afford to lose and you have no use of—if you need it for rent or other expenses, don't spend it for starting on your investment journey.

Before you lock your money in an investment, ask yourself if you’re perfectly fine with the money being good as gone. Because investing is a risk but the return can be worth it. You just need to understand how it works and be patient with the market.

If you fail, learn and move on

Investing won’t turn you into a millionaire overnight. We advise you take demo trades to improve and track your trading skills before you trade real time. Do also bear in mind that investing is a win-some, lose-some business and like any other career, you will fail but don't let it stop you from learning from it, trying again, and eventually, hit your goal.

Even the best investors and traders make mistake so don't be too hard on yourself. Just take note of what works and what doesn’t, form a good strategy, and be patient and try again. Don't let the same mistakes happen twice.


About the author: Chie writes about forex for FP Markets, an established global CFD and Forex provider with over 12 years industry experience. They aim to be a one-stop destination where traders could access a full suite of trading products in global markets.



Posted by Chin Tac
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