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Getting started
It's a good idea to have some savings set aside in a bank or building society in case of emergencies or unexpected expenses. This can help you avoid having to sell your investments at a loss if you need to access the funds quickly.
When possible, try to think long-term with your investments. This can help you weather short-term fluctuations in value and allow you to sleep easier at night.
Your attitude towards risk is also an important factor to consider when making investment decisions. Risk refers to the possibility of losing some or all of your money and the potential for the value of your investment to fluctuate significantly in the short term.
To diversify your portfolio and reduce the impact of any single external factor on your wealth, it's generally accepted that holding a range of different investments achieves the best risk adjusted returns. However, keep in mind that it may not be cost-effective to invest small amounts of money due to the fees associated with trading shares.
It's also helpful to have a clear goal in mind for your investments. Are you seeking an immediate income or saving for a future event? A financial adviser can provide guidance and assistance in determining the best investment strategy for your specific goals. If you're unsure about any aspect of investing, don't hesitate to seek the advice of a financial professional.
New to Investing?
For those new to investing, the world of finance can be intimidating. The jargon, abbreviations, and constantly changing products and regulations can make the process seem needlessly complex. Investopedia's simple guide sets out some of the key initial considerations and looks to make the process of investing simple.