5 Steps to Building Your Investor Confidence
Your relationship with your finances will impact how you treat it. So, the more confident you feel about managing your money, the better you are going to do so.
November 30, 2019
Your relationship with your finances will impact how you treat it. So, the more confident you feel about managing your money, the better you are going to do so.
November 30, 2019
Here are 5 steps to build up some confidence:
Read up on the types of investment risks, general risks as well as the specific risks that apply to the asset class you're interested in investing in. Gather information so you are better prepared. Understand the implications and consequences of choosing certain assets or asset allocation.
Research your current super fund investment options. You will find these by visiting your fund’s website and searching Investment Choices. Find out the following:
Start small or with a practice portfolio. Try before you buy. Investing is like a muscle and exercise. Work up gradually. You’re not going to attempt a marathon after running around the block a few times. You train bit by bit, stretching yourself further every few weeks. Investment confidence is no difference. Start step by step.
Find some moral support – speak with people in your life who are successful, experienced investors. You don’t have to go it alone. Partner up with someone who you can talk with along the way, or preferably, use a professional financial adviser who offers education and advice. The other way to gain support is to read books on investing.
Start today. We can all come up with a reason why now isn’t a good time. Sometimes we just have to start before we think we’re ready. Confidence grows with experience.
Just because you don’t currently feel confident about investing doesn’t mean you can’t change that.
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