Trading time for dollars can lead to a never-ending rat race that will likely leave you struggling with your money.
I know it sounds harsh but sometimes we need a hard dose of reality to get us back on track to living the life of our dreams.
Going to school, finding that dream job so you can buy that dream house and dream car has been the game plan for many Jamaicans. But I want to challenge you to dream bigger.
What if you could have your money work for you? What if you could put your hard-earned money to work for you so that you can enjoy a much-needed break once in a while.
One thing we know for sure is that life can throw us curveballs. With the global health pandemic, a lot of people have lost their jobs or have their work hours drastically reduced because of the economic slowdown. Additionally, a lot of people have been struggling to pay high medical bills due to personal and family illnesses.
We all need a safety net. We all need to have the confidence in knowing that we are financially secure to handle all the ups and downs of life. Investing brings the ultimate dose of confidence and empowerment that we need to thrive with our money.
To get started with investing you need to first open an investment brokerage account. This means going to your local financial institution and speaking with a financial advisor to get the account opening process completed. Once the investment brokerage account is opened you will then need to decide on what investments are right for you based on your financial goals.
But wait, maybe you don’t know your financial goals but you know you need to make more money and maximise the money you already have. That’s a good place to start. You would then choose a combination of stocks and mutual funds (unit trusts) that provides strong returns.
Many people start with equal weight for all their investments. This is a good move to get started and over time you will reallocate your investments as you learn more about investing. Getting started is most important right now because this brings you one step closer to ending the rat race of trading time for money.
Your starter investment portfolio will be an equal weight of stocks and mutual funds (unit trusts) that will provide you with strong returns. With regards to how much money you need to get started with investing – I always say “start with what you have and be consistent with adding more each month.” You do this and you will be more confident about your money and you will feel more empowered because money is a beautiful thing when you get it to work for you.
Can be seen on: https://jamaica.loopnews.com/content/how-create-st…
