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My single best tip for investing

Brini is a young hard-working professional. She works in a multinational company and earns a great salary. In the first few months of working, she saved some money but she ends up spending it all.  Now, she knows she should have invested the money, however, she’s clueless about the investment options that are available.  One day, she stumbled upon an article about investment clubs and decides she needs to start an investment club immediately. She thinks this will solve the problem 

This week, I received so many emails and messages with questions about investment opportunities and investment clubs.

I’m not sure if it’s because pay day is close or all of a sudden, ‘just like that’, a lot more people want to start investing

Well, I cant complain, It is a good trend.

So, I took my time to respond to the emails and direct messages. After doing this for a while, I noticed a trend; quite a number of those I responded to did not have a concrete investment goal or know why they wanted to invest.

I recognized this trend because I used to be that person.

I remember being excited about taking deliberate steps to build wealth by starting an investment club. If I only I realized what exactly I was getting myself into.

My investment journey has been an incredible journey, no doubt, with high and low moments.

Do I regret embarking on this journey? No, I do not

Do I wish I had done it a little differently? I can’t deny that I have.

Some of my key lessons are what I pour into my blog posts and share every week .

But, If there’s a phrase that captures all I have learnt, It would be this phrase; Know yourself

Your investment journey should start with knowing yourself; your strengths, your fears and your capacity to stay the course.

and here’s why you need to know yourself,

A deep knowledge of self gives you the clarity to make decisions.  You’ll know if you should take advantage of short term or long term investment options. You’ll know how much risk you’re willing to take and if it’s the right risk to take for your current stage of life.

For instance, a better understanding of self helps me recognize the investment options that are not for me. So, I don’t even bother. I do not discredit those who invest in those opportunities either. To each his own.

With a deep knowledge of self, you can face your fears.   I used to be really terrified of losing money. Like, seriously-heart-beat-racing terrified, until I learnt I could allocate my money into buckets instead of avoiding any investment opportunity that seemed a bit risky.

Our fears hold us back more than we are willing to admit and the crazy thing is, sometimes ignorance feeds our fear. With knowledge of self and options comes the freedom to step out and make decisions.

A deep knowledge of self helps you set the right goals. When you don’t set goals, any place will look like your destination.

Setting investment goals forces you to think about what you want to achieve and focus. When you focus, you can work out a plan that moves you into a position to achieve your goals.

I’m guilty of this. I didn’t start setting personal investment goals until recently. I thought my investment club’s goal was my personal goal. Finally, I realized we are two separate entities.

That was a tough pill to swallow, Lol, but I got with the program after a while.

An investment club is great. You can collaborate and take advantage of the power of many to achieve some of your investment goals. However, you need to know exactly why you’re getting into it so you don’t end up leaving after a few months.

I didn’t start out with this understanding but sheer determination and the will to stay the course keeps me committed

It’s not about jumping into any investment opportunity that seems profitable or starting an investment club when you’re not ready, It’s about knowing what investment opportunities are right for you, even in the context of a club

It’s about learning the habits you need to start investing  and to stay the course long-term.

It’s about holding yourself accountable to your goals.

It’s about building sustainable wealth on your own terms.

If you haven’t, you should subscribe to my 7 email course – The beginner’s guide to investing.

The emails are short , straightforward and give you a basic understanding of the things you should know before you make investment decisions.

Click here to sign up. Don’t wait too long before you make a decision because I’ll be shutting down this course in three (3) days, 27th June

 

 

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