Growing my money over time is a goal I have had in mind and something I have been trying to do for a while. I also think it’s a goal worth reaching for. Saving was my initial goal but the problem is the interest rates on savings are very low and majority don’t beat inflation. I have opened three current account with different banks to get decent interest rates on the money I have saved so far. As it stands the growth of the money i have saved in next to nothing. Investing is the only option that will help me grow my money. In a nutshell it means putting money into a range of assets such as shares or funds or government bonds rather than into a savings account. This should help me generate wealth in the long run.
Important Facts to Consider
What you do need to remember and consider is that with investing, your capital is at risk and the value of your money can go down as well as up. This means you could get back less money than you put in. However, this doesn’t mean you shouldn’t consider investing some of your money if you’re keen to make your money generate more money.
There are some common myths that might make you think twice about investing. This article will go through these myths and I will explain why you shouldn’t let them stop you getting started.
Myth 1: It’s Too Complicated
Investing is a lot more easier than people think. Having zero experience is not a huge barrier, because there are different ways to invesy. You can have your investments managed for you by a fund manager for a fee. This means you don’t need to tackle the financial markets yourself by spending a lot researching which funds or shares to buy. Your investments will be managed for you by a fund manager who will monitor and optimise your shares for you all year round.
If you opt for a DIY investment, there are loads of websites such as the MotleyFool who give information about the best shares to invest in. Money to the Masses provides information about the best performing funds to invest in right now. These are the best two sites I found and will be using when investing, it’s worth doing your research to find the sites that will work for you as they are are quite a few available on the market.
Myth 2: It’s Too Risky
While investing involves taking a risk, it’s not always too risky to invest your money. You can simply invest what you are you are comfortable with and never invest more than you’re happy to. Also, you choose the type of investor you want to be. This ranges from cautious to adventurous depending on the type of returns you would like. You can pretty much build an investment plan that you’re comfortable with.
Myth 3: I Don’t Have Enough Money
There’s no minimum payment to open a Wealthify account. Once it’s open, you can add to it whenever you like – either as lump sums or regular amounts. It’s an affordable, flexible way to put your money to work whether you’re starting small or thinking big.
Website such as Ajbell offers low fees