5 Things to consider before starting an investment June 2023

By | April 21, 2022
  1. 1. Be sure you want to begin an investment plan: money is hard to come by but very easy to spend. this means that to invest money, one needs to have self-control. you need to be certain you want to start investing by preparing your mind for it and having the habit of keeping money for long without touching it regardless of what may happen. A money manager may be useful here, not necessarily tho

2. Enquire about investment agencies and their policies; make your own enquiries and acquire all the knowledge needed before you begin. you could enquire from the agency’s customer care unit, online and words of mouth. Be sure to ask all the questions such as interest rate, investment policy statements, the time the plan lasts, next of kins and other very necessary questions. leave no stone unturned. knowing more about rules and conditions of investing will help you know how well you can invest for your future.

3. check your financial strength; we must agree that we save a portion of our earnings or incomes and not everything. Be sure to know the amount you are capable of investing that will not affect your purchasing power. This can be done by subtracting all expenditures or spendings from the total earnings, the figure left is what can be invested. if you do not make sure to know the strength at which you can and cannot save, you may be stranded halfway through the investment and may redraw which may distract your cause. The use of a financial advisor may be needed here.

4. Make the move; last but not least, be sure to invest the R way. that is, the Right bank or agency, the Right policy, the Right plan suitable for you. if you come to realise you cannot invest anymore due to low financial strengh, you can always backout and come back anothe day, stronger and ready. Nevertheless, no amount of money is too small to be invested so please invest the little to yield more

5. Be consistent; please be consistent. this stage is the pivot of your investment plan. Do not make plans on the capital invested as it may hinder your success but in very difficult times, it will not kill to end the policy along the way and start all over again when ready.

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