It’s too risky. You need to be rich. You need to monitor it daily. You need to be an expert. You need to know when the right time is to buy. It’s fair to say that investing has an image problem, and 2023 might be a good year for you to look beyond the stereotypes.
We held a Twitter space and got an expert to address some investment myths and stereotypes, including how to invest right and why we should invest differently this year.
Here are some of the key takeaways from the session that you can apply this year:
• You don’t have to be an expert to invest but you must seek professional advice and financial guidance: Investment advice is any form of professional guidance that informs you on financial matters or products. It shouldn’t be given — or taken — lightly. It’s also not ‘one size fits all’ because if a single piece of information were the best fit for everyone, we’d all be Warren Buffett by now. Good investment advice can save you time and money in the long run. Some of the best places to find it are;
During our Twitter Session our expert gave this example; if you’re 5 years from retirement, you may want to select a cautious investment. If you have 10 years or more to play with, you may be able to be more adventurous. Start as soon as you can and invest for as long as you can. Investing might not make you an overnight millionaire but it allows your money to grow instead of sitting idle. Experts also recommend that those who are new to investing can start with mutual funds. Buying into a fund is like putting your eggs in many baskets. They are less risky and spreading your investments across funds aka diversification reduces the risk compared to buying individual shares in a company.
In conclusion, there are risks and gains, bottoms, and peaks with investing. However, to succeed with it, you must set clear goals, learn the rudimentary ropes of investing, seek financial guidance, pay attention to the trends, the news, and very importantly do not get carried away by the numbers.