It’s easy if you want it to be easy. Things become complicated when you think it is hard to understand. If you would ask me if investing is simple, yes it is. Even 7 years olds can catch up with investment ideas, so there is no excuse if you are already a young professional. Now, if you’re just starting to invest, there are basic things you need to learn first before we take you to the next level investing. When I say basic, you need to focus more on your attitude as an investor. Not everyone fits in investing. You’re lucky if you discover that you have the potential to be successful in this field. Today, let me share with you the 3 best advises I always give to new investors in the stock market.
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When you’re single, you can enjoy as much as you can. You can travel anywhere, you only pay for your own food, and you have lesser bills to pay off. If you can do all these things, you should also take this as an opportunity to save as much as you can because when you become married and have kids, your expenses will double. The chance for you to save, say 20% of your income, will slim down especially if you’re income will not increase. For new investors out there, enjoy and save while you are still single and while you don’t have a family to feed yet.
One of the best advises I can give you is put as much as you can if you are only starting now. I’m not saying you should be greedy that you will put all your money including your emergency funds. When I say put as much as you can, it means using your extra money to start an investing account and spending lesser so you would have money to put in regularly. Give yourself a threshold that you can follow every month. If you’re getting salary every month, set aside 10-20% of it for your savings and investments. Make it a habit to invest.
One of the regrets I have is not starting early when I had the chance to invest. When I was your age, I also enjoyed buying stuff I didn’t need like upgraded phones and shoes. Now that I am married have I only realized that if I started earlier, I will have more income and experience today. But for those who will only start this year, today is the day. Don’t wait for tomorrow before you make a move. Don’t delay your earnings. As early as today, open an account and put a certain amount in it. Start learning and use your knowledge to develop yourself into a great investor.