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Last week I talked about discovering your money story. Sometimes beliefs that have been passed onto us from family or friends can stop us being rewarded fully for our talents.
I hope that you took some time to think about your own money philosophy and the actions you want to put in place to ensure your financial future.
Part of that includes investing money, which is really investing in yourself.
Investments are for a better tomorrow, and it’s a step towards that, it is a promise to yourself for the future you.
Start by considering:
+ How much you can save a week, or a month, and make sure it is automatically deducted from your bank account when you are paid into an account you don’t touch.
+ Where you will save this money, with inflation, currently running around 7.5%, far outstripping savings account rates. A better option may be investing in the stockmarket. However, it’s important to do your homework and invest with a reputable funds manager, as well as familiarise yourself with average returns. Check out this list of best fund managers.
+ What apps can help you get a small start. I use tools like Raiz – what you spend every day is rounded up and the cents invested until they amount to growing dollars. You can also make regular contributions. I would also recommend CoinSpot for Crypto, Spaceship for diverse high tech and StockSpot for diversified ethical portfolios. They have low fees, take all the stress and fear out of investing and you can start with $5. They have made investing simple and accessible to everyone.