It’s 2021, and everyone is discussing how to invest money to improve one’s wealth.
It might be very frightening to invest, whether you’re a youngster already discussing your assets or a college student recounting how investing has helped him survive in this struggling market.
Numerous individuals have fallen victim to investment fraud. According to Google, “the FTC (Federal Trade Commission) received 14,079 reports of investment scams in the first quarter of this year, and victims have already lost $215 million in the first quarter alone.”
The very concept of investing conveys a great deal of significance. As a result, you should be very cautious about where and how you invest your money.
If you are considering investing;
- Conduct research before investing. Conduct an internet search for the company’s name followed by the words “Review,” “Scam,” or “Complaint.”
- Be suspicious of assurances and grandiose claims;
- Place your money in a visible location. As with trading, you can see when your money is increasing or decreasing in value;
- Recognize your investing choices;
- Give room for emotions to come into play;
- Understand this it is a process and growing wealth takes time;
- Expect that you may need to adjust your investing strategy;
- Be sure to have fun.
The bottom line
One’s ability to invest in what he knows entails selecting businesses whose goods and business strategies he understand entirely. You don’t need to own or hold a professional qualification. Understanding a product or sector makes your investment more understandable, engaging, relevant, and enjoyable. Being unfamiliar with the industry you are investing in, you may miss or misinterpret critical facts.
Allow this not to happen to you!
Investment does not have to include researching investment companies, but it may. Bear in mind that knowledge of an investing strategy from a close friend or family should not be used to circumvent doing your study. Regardless of how persuasive the insider seems, as an investor, you should hold yourself accountable for doing due research, and who knows, you may even find how much fun investing can be.
You can either SAVE or INVEST; the only difference is in the RISK vs. the REWARD.
I’ll conclude with a quotation from – Peter Lynch.
“Be aware of what you possess and why you own it.”
Conduct research before making a choice. And after you’ve chosen an option, be sure to revisit it regularly because an investment that is prudent now may not be so thoughtful in the future.