A solid financial plan includes a number of different elements, from savings to investment. However, many individuals (even those who enjoy a high income) feel nervous about making investment part of their wealth plan.
This may be because they do not have the necessary financial knowledge and know-how to make investment decisions or they don’t have the guidance of a professional financial adviser to help them put together an investment portfolio. For some, their beliefs about investment might be holding them back from taking this crucial step in creating a prosperous and enduring wealth plan. This can be especially detrimental when those beliefs are incorrect. Are the following investment myths holding you back from investment success?
Rid yourself of these three investment myths
1. I’m not smart enough to invest
Investment terminology and strategies can be confusing. When it comes to financial matters, part of investing in yourself is educating yourself about the world of investment. There are a number of easily accessible financial tools and resources to help you get on the path to becoming an investor. Our recommendation? Speak to a reputable independent financial adviser who can be your guide to establishing this exciting part of your portfolio.
2. I can’t afford to invest
Some people believe that investment is only for the super-wealthy. This is simply untrue. There are different classes of investment suitable for different income levels and situations and some investments can work as part of your savings plan – if you have an income to manage, you can find a way to use some of it for investment and reap the benefits. Lack the discipline to save or invest? There are ways to combat that – for example, make savings automatic with a monthly debit order.
3. I’m too young to invest
Like savings, investment is an essential part of living your best financial life in the future. And, as with all matters financial, thanks to the power of compound interest, the sooner you start, the better. Investing carefully, in line with your financial needs, will help to ensure you not only enjoy your wealth but don’t outlive it.
Myths about any part of your wealth plan, investment included, can be costly. Don’t avoid what needs to be done to secure your financial future because of misconceptions or fears. Speak to the experts instead. At TRG, we can help you put in place a wealth plan tailored to your needs and covering all the relevant bases from insurance to investment management.