Don’t trade off looking wealthy for being wealthy.
More and more young professionals are becoming interested in the benefits of investing. However, with so many options, the battle between growth vs income investing, and the infamous speculative advice from friends(Gamestop anyone?), it can be confusing with where to start.
Jessica features in the latest Livewire Income Series providing her insights on starting the investment journey, including the following common mistakes:
- Thinking you can time the market – not even investment professionals can do that!
- Not being diversified, having all your eggs in one basket is high risk
- Not sticking to the plan! Make investing regularly an automatic debit from your bank account, just like other bills you pay. Dollar-cost averaging is also a good way to ensure you aren’t buying on the most expensive day of the year
- Your friend Alex who has never worked or studied finance probably doesn’t know more than the experts, do your research and think critically before you jump on the bandwagon of random stock recommendations.