If you have a shorter time horizon, you will need to invest more conservatively, so that you can protect the money you have and grow the amount you need. If you have a longer time horizon, you can choose a slightly risky investment which can earn you more as you will have time later to save your capital.
Ask your advisor for tools to assess your risk tolerance as advisors routinely do this before they can help you with your financial planning and investments.
Knowing all these factors can determine what you still have to learn to embark on this exciting journey.
- Reading: Once you’ve set your goals, timeline, and risk tolerance, start reading: Books, Articles, and Stories About Successful Investors and How They Achieved Their Goals.
Once you start honing in on the areas you want to learn more about, consider getting some paid memberships. But beware of paid subscriptions promoted on social media as they can promise much more than what they give. In fact, many of them may even be scams.
Reading all you can do will help you decide what kind of investment you want to start. This may include investing in the stock market, options such as exchange-traded funds (ETFs), mutual funds, bonds, agriculture, real estate, and cryptocurrencies, or even socially responsible investments, such as climate change, that may affect your health. meet personal goals and interests.