Being a successful investor has little to do with luck but rather having the right approach is key. The right approach is one that is disciplined, carefully planned and aware of the potential risks involved. You will need to start with a goal in mind and realistic expectations of the timeframes and potential outcomes.
Below are some handy tips that you should consider:
- Set yourself some goals and the timeframes with which to achieve them
- Understand the potential risks and returns. How will you feel if the investment doesn’t achieve what you thought it would
- Manage your risks by not putting all your “eggs in one basket” and diversify your investment into different asset classes such as cash, fixed interest, shares and property
- Consider the tax structure of the investment vehicle you are using, for example, in your own name, trusts, superannuation and the trade-offs of each structure
- Fully understand the investment by conducting the appropriate research and reading through the product disclosure statements (PDS)
- Make sure you have a proper plan in place and that the investment is suitable for your situation
- Review the investment regularly to make sure you are still on track to achieve your goals
Speak to us today and we can help you put together your plan to help you achieve this and many of your other goals.