Tips for making your first Investment
Investing when you’re young is one of the best ways to get solid returns on your money. Dive into the investing world, regardless of your background and education.
There are easy ways to start investing with little money. You will find the tips below useful:
• Set a Goal: Figure out what you’re doing it for by reviewing your needs. What good is investing when you don’t know what you are investing for? You need to think about what you hope to achieve with this investment because it will alter your investment strategy.
• Set a Budget: Determine how much you need to reach that goal and budget like your future depends on it, because it does. You can include things like food, clothing, housing, bills, savings & investments. Having a budget ensures you’ll have the money for the things that are important to you, like fun money and retirement savings.
• Know your Risk Tolerance. You need to consider your risk tolerance. If you have a low-risk tolerance, you may want to save more and invest less. Investing is a personal decision, so make sure you take your personal tolerance into account.
• Do your Research on a suitable plan: Careful planning and a long-term commitment can lead to a profitable investment portfolio. Do your research and take the leap to put your money in a safe investment vehicle with potentially high yield returns.
• Choose an investment Product: When you put your money in a range of different investments you reduce the risk of losing money. Investing on Wealth.ng is easy, safe with high yield returns. Start investing today.
• Only Invest what you are comfortable with. You need to feel comfortable and confident in your investment decisions, including the level of risk you’re exposed to. Your risk profile should reflect both your situation and your goals. The more risk you’re willing to take on, the greater the potential returns, but you can mitigate risk, by diversifying your investments across a range of assets.
• You are eligible to invest, no matter your income. You will need to build your retirement nest egg with other types of investments during your working years in order to generate an adequate income stream after you stop working. No matter your income, you can start investing on Wealth.ng with as little as N1,000 and enjoy interest up to 6% per annum. Start small, but start now!
• Build a portfolio that is diversified and resilient: Diversifying gives you an opportunity to create a balance that suits you. Diversify your portfolio with various asset classes such as Stocks, Treasury Bills, Bonds, Eurobonds, Agriculture, Wealth Cash available on Wealth.ng.
• Be patient, it’ll take some time for results to show. One of the mantras of investing is long term patience. Despite any random short-term ups and downs, over time, good quality investments should appreciate given time. It’s difficult because we live in a society where faster is better — “just add water”, “lose weight in 30 days”, , no money down and “work smarter not harder”. Society has taught us that the path of least resistance is the best path and there is little time for patience. Just remember investment success requires some patience!
All the Best!
