As far as money is concerned, there are often truths and myths. Being able to differentiate between investment myths and facts will go a long way in making your investment journey smoother and in the long run secure your financial future. Listed below are five myths that will hold you back and five facts that might give you the motivation to get started.
1. I’m too young to invest
Investing has no age limit. Investors who start young generally have the flexibility and time to take on risks and recover from any financial loss they might encounter.
Don’t let the regret of not starting earlier, stop you from doing what you can do now. The most certain way to not move forward is to simply not start.
2. I don’t make enough money
You don’t have to be a millionaire to start investing, you can always start small and increase your investment over time.
If you budget your income with a clear understanding of your needs and wants, you’ll have more than enough to invest. You don’t need a lot to start. The key is to start now with what you have.
3. There’s still time
The earlier you start investing, the more time your money has to grow. Starting early helps you benefit more from the power of compounding.
If you put off saving or investing, you’ll have to invest more money in order to reach your goals. Figure out how much you want at retirement and start setting aside money to invest in your future each month.
4. You can’t access your money anytime
A flexible investment plan can give you access to your funds whenever you need it. It’s important to build a diverse portfolio that offers you a degree of liquidity.
The ease with which you can access your money might give you a sense of security, but you shouldn’t rely on it. Withdrawing too early can negatively impact your returns.
5. It takes too much time to invest
Investing doesn’t have to be a time-consuming activity. Digital platforms have made it easy to create an investment plan in under 3 minutes, right from your smartphone.
You can invest passively with trusted apps. To earn good returns, find top investment platforms that are aligned with your investment goals.
Investments are important to achieve present and future long-term financial security. Don’t let these investment myths hold you back. If you’re finally ready to start growing your wealth, visit www.bravewood.ng for the best, high-yield saving options tailored to help you reach your goals.
An investment in knowledge pays the best interest.
— Benjamin Franklin