As a working professional, you’ve probably looked at your salary account and realised you really need to invest your money. Sadly, you have neither the time nor the knowledge to make an informed investment decision. Of course, you’re not the kind who would squander away their savings by investing in something you don’t completely understand yet.
So, here you are, exactly where I once was wondering what to do next. Let me start by saying, you need two things to grow yourself a wealth tree.
Steps To Grow Your Wealth Tree
Understand Your Financial Situation
Let’s do a pseudo SWOT analysis of your situation. Your strengths are that you bring home a steady paycheck, so your income is predictable. You also have a fair idea of where your money goes. That means you can afford to invest a certain amount of money each month if you want to. Your weaknesses are that you don’t have the time to actively invest and keep track of stocks, shares, the Sensex and all that razzmatazz. Most importantly you don’t know where to invest.Read More about Best Ways to Invest Your Money here.
Identify Your Wealth Opportunities
Luckily you can still gift your dad his dream car, give your children the lifestyle you never had and take some of those fancy vacations you dreamt of through college.
You just need to invest smartly. Which you can with just 3 main things:
3 Things You Need To Invest Smartly
A wealth coach
An investment manager
A magic pill to automate investments
That probably sounds awfully unaffordable but it isn’t. I could say you can do this all by yourself but I’d be lying. I’ve worked with some of the brightest minds in the Fintech business and even they didn’t have the time to do this right. A good way to solve this problem would be to use a solid wealth management app.
Don't Take Actions Without Knowledge
Ideally, you should invest in some funds for long term gains, some for short term goals and some to create wealth while saving yourself some tax. However, half knowledge can lead to serious losses for the uninitiated. Which is why I strongly advise both new & seasoned investors to work closely with a wealth coach. After all, there is no replacement for expert guidance. Read our other stories that tell you about how to start investing and also investment tips for better returns.