first time investor? this is what you need to know
First time investor?
This is what you need to know
Investing takes time, effort and patience so before you start take the time to plan and understand what you are doing.
First thing first, do you have an emergency fund set up for 6-9 months?
You don't want to tie up your money in an investment account in the event you may need it for an emergency
Getting rid of high-interest debt is also essential
If your credit card payment is higher that the return on your investment, you should aim to pay off your debt first
Understand the risk that you are taking
Identify your "WHY"
Build an investment plan with an end goal
Invest in what you understand
Invest regularly by using the dollar cost average method
Don't try to beat the market, no one really manages to
Avoid speculations
Leave out the emotions and stick to logic and reasoning
Don't have time to invest individual stocks, stick to index funds or ETFs and leave it there for growth
Before starting it's important to consider these factors in order to have an investment strategy but you don’t have to wait till you know it all before you start investing
If you need any help on getting started with this send us an email to thefemvestors@gmail.com for tips to get you started.
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