Since completing a 15-year career in the police service, Craig Markham has been spending his time doing the things he loves. One of these is investing in financial markets. Like many people who have considered investing, it helps to have the right information. Even though investing is made to seem like you will make money just by sitting back and doing little, it doesn’t happen overnight.
Over the past few decades, what was once a rich man’s avenue for making wealth has become accessible to the average citizen. Investing in stocks, for example, has grown exponentially, and the growth of trading technology has made it easier for individuals to own stocks. However, it pays to have the right understanding of investment when you decide to go into it.
Have goals
It helps to have personal goals in mind when you put your money into an investment vehicle. First, you have to identify what you want to achieve and provide timelines for that. Setting realistic and achievable goals ensures you are able to hit the mark comfortably.
Investment goals differ with every individual, and can be as simple as saving for a new home entertainment system to saving to pay for your child’s college education. Regardless, it’s good to be clear on the outcome as you start.
How are your finances?
Once you have set goals, it’s important to review your current money situation. Having a budget helps you track spending, so that you know your priorities and what’s left over for savings/investment. A budget helps you track your earnings and expenditure so that you are in a better place to know how realistic your goals are.
Have a plan
Put together an investment plan that shows the path that will help you achieve your goals. Your plan will be guided by the timeframe you put to the goals (short, medium, or long term). The plan also identifies the kind of risk you are willing to take on. Individuals focused on long-term returns will likely take on low-risk investments while those interested in short term returns are more likely to take on more risk.
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