Investing money can be very confusing for people who have been living paycheck to paycheck or simply just never had enough money to invest before. However, if you’ve reached a financially stable place in your life and you realize that it’s time to take the leap and make your money work for you, there are some tips and rules from Oliver Capital Partners Margot Micallef that you should follow. Use them to help you along the way as you start investing for the first time.
1. Determine how much you can you really afford to invest. While there are minimums with many investment firms, you need to be comfortable with your number. After all, investments do come with risks, even if they’re small.
2. Decide how risky you want your investment to be. If you’re trying to grow your money and you’re not too worried about losing your initial investment, you may be able to take more risks and increase your money faster. However, that means you could lose that money as well.
Talk with your broker about how risky any investment is before you actually go ahead and make it.
3. Invest in things you understand. While a basic investment portfolio can be okay with the right broker, investing in products and companies you get can help you make better decisions. Choose companies that work in the same field as you, especially if you’re in a booming industry like tech. You could earn more much faster by understanding the market.