If you are a student, a graduate or young adult you might probably belong to the school of thought that “To Invest I Must Be Wealthy or at least have a steady means of income” and while this may seem true because of the risk and how complicated the Financial Market looks like from the outside, it is also very wrong to believe this notion.
You are never too young to invest, just like how depending on your investment choice, no amount is too small to start investing.
So How Do You Start?
The little change from your pocket money, NYSC allowance or business that you do, is worth more than you think.
Develop a Plan
This is a very crucial step, here you should start to determine how much you wish to invest based on how much you have at hand or how much you have saved up and the type of investment method you feel comfortable and the frequency of your investment.
There are some investment plans that require you deposit a one time principal for a duration of time, while you get compounded interest on it over the agreed period of time. While some investment plans require that you deposit a certain amount of money monthly, quarterly, biannually or annually. It all depends on your preference.
Find about the best investment plans that suit the plan you developed earlier. Ask questions from people who are already into investment, go online and search for relevant investment plans, contact financial services company and speak to their advisors about your plan, so they can the best investment suited for you.
Invest in What You Understand
Never ever make the mistake of selecting investment plans or opportunities you do not understand, if not you might end up losing the little money you’ve saved. Ensure you get a very detailed information of how the investment package works and if you do not understand some of the financially fancy terms used, asked for it to be explained in simpler terms. Once you are very sure you understand how it works, you can now proceed to invest.
Monitor Your Investment
It is very important that you keep tabs on your investment. This is to help you know if your investment is performing or not, if some terms have been changed and help you decide if you need to adjust your investment type.