Keen to make the most of your money? Considering investing your money for the first time?
Read Moneycube’s 5 practical tips for the beginner investor before you take the plunge.
1. Start small… and make it a habit
Investing is not only for the wealthy – it’s for those who want to become wealthy. What’s important is making a start.
These days, it’s possible to start investing with relatively small regular amounts. For example, at Moneycube we can get you invested from as little as €250 per month.
If you can kick off your nest egg with an initial lump sum, so much the better.
Investing is a long-term game, with the prospect of decent returns. From small beginnings, over time you can build up a substantial pot of money.
2. Invest with purpose
Investing with purpose means getting clear on 3 things:
What you want to achieve by investing;
When you want to achieve it; and
How much risk you’re prepared to take.
Moneycube’s online advice service helps you consider all three aspects.
Research shows that people who set a clear financial goal succeed in saving more (around €620 per year more, according to one source).
3. Clear expensive debt first
This one is simple. Expensive debt is basically any debt apart from a mortgage. Above all, it’s credit card debt (which isn’t cleared every month) and personal loans.
No investment offers a guaranteed return which exceeds the cost of expensive debt.
So pay down your expensive debts before investing your money.
4. Decide how you’ll invest
At Moneycube, we focus on helping people place their money in diversified investment funds. We believe professionally managed investment funds offer the best prospect for most people to grow their wealth in a planned way. Here’s why.
Some people prefer the thrill of the chase involved in investing directly into shares, or alternative assets such as forestry, or gold.
Before put your money into these asset classes, rather than investment funds, stop and ask yourself a question. Are you truly investing, or are you speculating?
Speculation can be fun… but it’s not the right for your life savings.
5. Advice please!
Lastly – if you’re a beginner investor, seriously consider using a service that provides financial advice, rather than a going it alone. (Read about the hidden costs of do-it-yourself investing).
With Moneycube’s online financial advice service, a Qualified Financial Advisor guides you through the investment process.
You’ll get the benefit of our experience, a personalised investment recommendation, as well as our clear and great-value access to investment funds from leading asset managers.
Get started with Moneycube today.