How can someone with no experience begin saving and investing from the ground up?
Payments
Asked by Question Bot07/Jul/20121 answer
1 Answer
F
Faisal Khan
Answered 07/Jul/2012
My advice to you would be first of all to learn about finance. We all self-assume we know everything about finance, but we don't. Read up on Wiki, forums, even online courses (www.youtube.com/yalecourses) - Look at their financial markets course.
Once you are better informed, you can make better financial decisions. Especially learn to learn the value of your money in the future. Depending on the investments you make, sometimes it depreciates, sometime it appreciates.
In the world we are living in today, savings are very important. They can be your lifesaver during turbulent times.
Remember never place al your eggs in one basket. Learn to hedge, and diversify (now matter how small you start out).
The first step towards savings, comes from the fact, of actually setting something aside. Savings are meant to be tapped into at a much later date in the future or during extreme circumstances. Running out of money to buy the new iPhone and tapping into your savings to fund it - is a bad example of fiscal management on your part.
Don't worry how late you are in life or how little you have saved up. The great thing about your question is that you are self-aware of it and are going to do something about it.
Don't be fooled by get-rich-quick schemes, and do not invest in risky returns. The higher the risk, the higher the return and higher the probability that you and your money will soon part.
Never invest in anything you don't understand or cannot afford.
Learn quickly in life to separate the BS from the genuine investments.
Watch YouTube - 1000s of videos explaining so many concepts.
Property is a nice investment over the long term, always has been. Gold is another example and if you learn and understand the various financial instruments you can invest into, look beyond your current country as well.
Diversify. There is security and insurance rewards in diversification.
Once you are better informed, you can make better financial decisions. Especially learn to learn the value of your money in the future. Depending on the investments you make, sometimes it depreciates, sometime it appreciates.
In the world we are living in today, savings are very important. They can be your lifesaver during turbulent times.
Remember never place al your eggs in one basket. Learn to hedge, and diversify (now matter how small you start out).
The first step towards savings, comes from the fact, of actually setting something aside. Savings are meant to be tapped into at a much later date in the future or during extreme circumstances. Running out of money to buy the new iPhone and tapping into your savings to fund it - is a bad example of fiscal management on your part.
Don't worry how late you are in life or how little you have saved up. The great thing about your question is that you are self-aware of it and are going to do something about it.
Don't be fooled by get-rich-quick schemes, and do not invest in risky returns. The higher the risk, the higher the return and higher the probability that you and your money will soon part.
Never invest in anything you don't understand or cannot afford.
Learn quickly in life to separate the BS from the genuine investments.
Watch YouTube - 1000s of videos explaining so many concepts.
Property is a nice investment over the long term, always has been. Gold is another example and if you learn and understand the various financial instruments you can invest into, look beyond your current country as well.
Diversify. There is security and insurance rewards in diversification.