It is never too late to start investing, but it’s important to get started soon enough so that your investments can grow and help you achieve your financial goals. And with online brokerages offering low account minimums, robo-advisors cutting fees and investment books like The Little Book of Common Sense Investing and Broke Millennial Takes on Investing available at bookstores or online, it’s easier than ever for beginners to start investing.Find out :theinvestorscentre.co.uk
Start Investing Today: A Beginner’s Guide to Growing Your Money
The first step is to clearly identify your goals and priorities. “Start by listing all your goals, then rank them in order of importance,” says Johnson. This will help you focus on what’s really important to you, whether it’s a comfortable retirement, a kid’s college tuition or leaving an estate for heirs. It’s also important to determine your risk tolerance. “Ask yourself how you will react if your investments lose value,” she says. “This will inform how aggressively you need to be invested.”
Once you know what your goals are, it’s time to think about how you’ll get there. This includes examining your income sources and expenses to determine how much you can save each month toward your goals, as well as understanding the costs of investing in stocks and mutual funds. Generally, you’ll want to choose a broker that offers competitive fees for the types of investments you are interested in, as well as robust research tools, investor education resources, and customer support. You might also consider a fiduciary financial advisor who is legally obligated to look out for your best interests.