6 Tips to developing an investing plan
Karen Grainger • January 24, 2024
Planning is always a good key to have for successful investing. Creating a plan will help you find investments that fit your investing time frame and risk tolerance, to help you reach your financial goals sooner.
This article from Moneysmart sets out 6 steps to get ready for investing.
- Review your finances – reviewing your debts and what you own allows you to calculate your net work to allow you to see what savings you can invest.
- Set your financial goals – this will help you pick the right investment to reach your goals.
- Understand investment risks – examples include interest rate risk and market risk.
- Research your investment options – what is your time frame and what return do you want to achieve?
- Build your portfolio.
- Monitor your investments – review your investments regularly to make sure they are performing as expected.
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