Becoming a successful investor doesn’t happen overnight. It takes time and effort to learn the ins and outs of the investment world. Your personality as an investor also plays a major role as you have to be patient because any good investment takes time.
In this article, we would guide you through 5 key steps to note in your investment journey and tell you what exactly you should look out for along the way.
1. Understand that this is a journey
As any good investor will tell you, to be successful in investing you have to understand that it is a journey and not a one-time event. You need to be in the right mind frame to prepare yourself for the long term and know exactly where you are headed i.e. your destination. This will help you plan your investment journey accordingly. For instance, when are you looking at retiring? 20 or 30 years from now? When you are 60? How much money do you need to have to make? You need to ask yourself these questions and know the answers. This will help come up with a well-detailed plan for your investment goals.
READ ALSO: Fresh out of YCombinator, CowryWise launches iOS app
2. Know the market and what works
Investing is a combination of different things; knowledge of the market, financial fundamentals and qualitative factors. The great thing is that we live in the tech age and you have unlimited access to investment guides and resources on the internet that explain high-level finance ideas in a way that is easy to understand. So it is very important that you read books, take an investment course or two and understand the modern financial market and topics such as portfolio optimization, diversification, and market efficiency. Once you know what works in the market, you can come up with simple rules that work for you and guide your investment efforts.
3. Be willing to learn
Predicting the market is an impossible task, it can be hard because of a single certainty, it mostly proves to be volatile. But this shouldn’t deter you from it. The investment journey is often more than not, a long one and learning to become a successful investor is a gradual process. Sometimes your predictions about the market will be wrong but instead of dwelling on it, acknowledge it and learn from your mistakes. A successful investor is one that always keeps an open mind to learning.
READ ALSO: 10 Actions That Can Make You a Succesful Investor
4. Be in It for the long term
When most people hear ‘long term’ they get discouraged. Any good investor understands that investing isn’t a ‘get rich quick’ scheme and would tell you Rome wasn’t built in a day. Understand that your chances of success will increase if you are in it for the long haul and you stick with an optimal long-term strategy. It may not be the most exciting investment choice but remember you have a goal and it is important to stay on course without letting your emotions get in the way.
5. Get on the right investment path
Your personality, access to resources and level of knowledge should determine your choice. It is important that as an investor, you do not put all your eggs in one basket. The keyway of investing is to diversify your portfolio and make tactical decisions. The most successful investors usually start with low-risk diversified portfolios and gradually grow by learning from their doing and actions. As investors gain greater knowledge over time, they become better suited to taking a more active stance in their portfolios.
READ MORE: Tips to help you launch your own business in 2020 (Part 2)
A great place to start as an investor is with the i-invest App. An investment application that enables you to securely purchase and manage Treasury Bills, Eurobonds and Equities from your mobile device. This is a great option for you as you are always on-the-go and can monitor your portfolio 24/7 right from your mobile device.
READ ALSO: Gold futures reach two-months high over rising COVID-19 cases
The mobile app broadens the choice of money market products available to new and experienced retail investors. Potential investors require only a smartphone with which they can download the i-invest app. The app eliminates entry barriers such as lack of education and information to make smart investment decisions as the app guides users all through their investment journey, enabling them to trade from the comfort of their homes like professionals. You also get to choose from three investment options which are Treasury Bills issued by the Federal Government making them low-risk, Eurobonds issued by foreign governments, companies, and international organizations and Equities from top traded Nigerian companies.
What makes the I-invest app functional by anyone is that irrespective of the financial institution they bank with, they can access the product offerings. More so, the app is risk-free and super secure as it is directly regulated by the Nigerian Securities and Exchange Commission (SEC). Additionally, the BVN and bank account details provided at the initial registration, seal off any possible security breach. Users can monitor their money or investment at all times to ensure that nothing is lost.
The I-invest app is available for download on iOS and Google Play stores and you and can learn more about i-invest on https://i-investng.com/.
Whether you are just getting started or want to improve your skills, i-invest is the way to go as it guides all investors irrespective of their level of skills.
Leave a Reply