7 Things to Know Before Your First Major Investment (2017 Update)

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You have worked hard for your money and now you want to make it work even harder for you? This is possible if you invest it! Investing is more or less and art in that you need the skills, persistence and hard work to be successful in the end. Although investing may feel like a practice reserved for the wealthy, it doesn’t usually matter how high or low you are financially, in order to be a good investor. Everyone has to start low at some point!

First Major Investment

Here are 4 tips you need to know before you start:

Invest regularly

You do not need thousands of dollars to begin investing. You can start creating your wealth by investing only a small amount of money, like $100, every month. The only thing you have to do to be successful, is having the discipline to invest regularly.

Rewards in investments do not happen overnight. It will take a lot of work over a long time. Always keep long financial goals when you invest. You won’t succeed only with short term investments.

Saving and investing are two different things

Saving is keeping your money in a savings account or under your mattress. The only guarantee you have is that in the long run you end up with less money because inflation will eat it away.

Before you first invest; study and understand the financial language. Learn about performance and risk. Do not rely on advice from family, friends or other tips to make your investments. Do your own research. If not, in the end, you will pay a high price.

Pay yourself first

When the paycheck comes in, pay yourself first before you spend any money or pay off your debt. Put yourself before all obligations. This way you will have money to build your wealth. By paying yourself first, you motivate yourself to invest more, which is always helpful.

Allocate your money in several different investments. This will reduce your risk. Not all investments will be profitable.

Watch out for chances of a lifetime

Do not invest in a product solely based on what other people are saying or doing. When something is too good to be true, it usually is. There are no certainties in investing. There is always a risk that you may lose your money. Never take an action that you feel is not right for you. You only invest in something because you believe it.


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