By Modupe Gbadeyanka
While investing is good, knowing the right asset class to put money into can be a difficult task for many because if the wrong move is made, all the efforts may go down the drain.
To help investors navigate through the murky waters unscathed, a finance coach, Ms Jeannie Dougherty, has given three finance tips for investing in 2024.
In a note to Business Post, she gave her first investment tip as understanding risk tolerance, which is critical in choosing which investment tool to go for, whether high-risk investments like stocks, foreign exchange (FX), and crypto, or low-risk instruments like bonds, treasury bills and others.
“Understand your risk tolerance and assess whether you can take that risk.
“For instance, if you want to be an aggressive investor but can’t afford to lose 40 per cent or more of what you have invested. You may need to reassess your risk tolerance,” she said.
For the second tip, Ms Dougherty said, “Consider fractional shares or stocks worth $1 to $10 to $100 to invest in. Suppose you are interested in investing in certain companies like Walmart, McDonald’s, Apple, or Google. In that case, these are big stocks, which might be intimidating and a bit pricey for your wallet.”
“You want to avoid the FOMO (fear of missing out) and never be put in the position of a GameStop Millionaire. FOMO is a lot of the noise you hear that a stock, crypto coin, company, or real estate market is hot, and you don’t want to miss it.
“Investing needs to focus on the history of the stock or investment, if the stock has gone up or down over the last year, how much you would like to invest, and when you would be willing to sell,” she said of the third investment tip.
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