This is from Karen Tang, a top wealth management specialist and certified financial planner at Infinity Financial Advisory:
Know before investing
Learn about the different types of assets, such as shares, bonds and Stocks by reading books, attending workshops, or follow reliable economic sites and YouTube channels.
Begin with a modest investment funds.
Treat trading as a set price, like a power costs, and prioritise it in your finances.
Start small and gradually grow. You could begin investing with as little as S$ 50 or S$ 100 per month. Even moderate achievements may increase significantly over time thanks to the power of compounding. Additionally, any errors may be easier to manage and teach you important instructions.
This strategy also allows you to take benefit of dollar-cost averaging – investing a preset amount often, regardless of market conditions. This approach minimizes risk and helps you avoid the stress of timing the market. It also percentages out costs over time.
Expand your assets
To minimize risk, spread your assets across asset classes like stocks, bonds, real property, and cash. When something is divided, benefits in one region are made up for losses in another.
Invest for the long term
Select investments with the highest potential for long-term development to maximize compound returns. Avoid regular trading, which can pay high costs and lead to emotional decision-making, like as selling whenever share prices drop.
Review investments often
Keep an eye on your expenditures to find out how they are doing. Tracking promotes self-assurance and helps people become familiar with the process. Additionally, you might find it helpful to regularly evaluate your portfolio to make sure it complies with your objectives and risk tolerance.