Step 1: Mindset.
Letting go of your money is hard. More so when it’s on something intangible. It takes practice but, taking that leap of faith is the hardest part, I promise. I spent a year learning with fake money and then a summer ‘advising’ friends and family before I was comfortable putting my own money in. I now regularly invest a significant proportion of my income. Try putting small (yet meaningful) amounts in regularly. Say, £100 a month.
Step 2: Learn.
Remember, “Prior Planning Prevents Piss Poor Performance”, so be prepared!
Grab a book on the basics of investing, pick an asset class that suits you. I started in funds (very low volatility), then ventured to stocks (medium volatility). I now am in cryptocurrency, silver and property, but each in turn. I took time to learn about each before investing by reading books, articles, videos and learning from others I know.
Step 3: Believe.
No one wants to turn £100 into £120, everyone wants to turn £100 into £1,000,000.
Invest in assets you like and believe in. Too often I see people investing in stocks because they think they will go up and make them 20% profit. So, believe in whatever you put your money in, so when it doubles or triples and others sell, you keep your stake and see that outstanding return. Obviously if you have reason to believe it won’t perform as well or you stop believing in your investment, you should sell it.
Step 4: Diversify.
Don’t be silly, diversify your money.
Over time you want to spread your money all over the place, so that if one asset goes down, you don’t lose everything. Pretty self-explanatory really.
Step 5: Teach someone else.
Financial literacy is a right, not a luxury.
Now you’ve got to learn the ropes, time to share your secrets.
P.S. If you ever want more learning, reach out to me on LinkedIn! I’m always happy to help!
DISCLAIMER!!! **I am not a financial advisor. Do not make investment decisions solely based on the information laid out above, do your own independent research. Investments can go down as well as up. Invest at your own risk.**