Earning extra income on top of your wage is a goal for many of us but the common questions are how do you get started and what do you invest in?
Kickstart your investment journey with these top tips from an article published by Yahoo Finance. When it comes to investing, a simple piece of advice is to start small and start early. Here’s how three of Australia’s most respected CEO did it.
Connie Mckeage, the CEO of Australian listed fintech company OneVue, first started investing with just 5 dollars. Using the dollar-cost averaging strategy, along with sacrificing nice dinners and travel to build the financial freedom she has today.
Connie now invests in property, fixed interest and in shares, both domestic and international. Some of her best investment being the Foundation, which she and her husband Michael established.
Taryn Williams CEO of talent company WINK Models and theright.fit was born into investing, where her parents set up her first share portfolio when she was born. She started with a $5,000 portfolio and continue investing in it throughout high school.
Taryn now invests in her own company as well as other Australian and international equities, managed funds and cash/term deposits. Some of her best investments have included Macquarie and Magellan managed funds.
Jo Burston, a serial entrepreneur, was driven by the desire to earn income outside of her wage where she started in her 20’s with buying a block of land in the New South Wales.
Jo had invested equities, commodities, cryptocurrencies and has plans to invest in commercial property. No matter what she chooses to invest in the investment has to be able to produce a return from a viable financial model.
Jo’s worse investment was in commodities and equities, where the global financial crisis (GFC) wiped out almost 70 per cent of her portfolio. It taught her a more conservative approach where she now looks at the dividends and the longevity of a business and whether it is open to disruption.
While these ladies made it big in the investment world it was not all smooth sailing but what they can all agree on is:
1.Don’t invest in something just because someone else has been successful at it.
2. Don’t invest in anything until you understand it and that means a lot of self-educating, talking to people and doing your research.
3. Take a long-term view and work towards building a diversified portfolio of assets.
4. Consider paper investing. This means tracking an asset’s performance over a certain period before investing money in it.
5. If you don’t have the money to invest right now, at least create a saving strategy for when you have the funds.
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