When it comes to Personal Finance, it really doesn’t matter if you are single or taken. What’s important is, you are in control of your money. You plan things because you are working within a budget. You set aside money for protection. You set aside money for emergency purposes, and you set aside money to invest.
You don’t try to get yourself in a relationship just because everybody else is in one. There has to be a reason behind it.
Money is not just intended to be spent. It’s never enough that you work hard. If you budget, save, and invest the right way, your hard-earned money has the potential to make more money. This money can help you start your business, travel to places, or the best of all..retire comfortably!
Before you start investing time, effort, emotions, and resources, it is best that you know exactly what you’re getting yourself into. I have been very consistent in reminding newbies that building an emergency fund should come first – and that it is non-negotiable. Then, gradually get the feel of investing perhaps one payday at a time. This will, hopefully, make you fall in love with the process.
Nurturing a relationship involves time to mature together, patience to continually get to know each other, and understanding sensitivities.
The same is true when it comes to investing. When you talk about legitimate investment outlets, you can’t talk about quick and easy money. You’re really going to have to devote time to learn, and then, time to earn.
It also helps if you know who to approach. In investing, you can’t go wrong if you ask for professional help. Make sure though that you are really dealing with investment professionals and not just those who are out there to take advantage of unsuspecting investors.
SEC’s and PSE’s websites www.sec.gov.ph and www.pse.com.ph both allow you to check if you are dealing with a licensed individual/ corporation so you don’t end up getting scammed.
There is no single best way to get into, nurture, and stay in a relationship. It varies from person to person. Each experience is unique and it’s no different from investing. There is no single best way to invest. Mentors, online courses, and reading materials are definitely going to help.
In investing, time is your BFF. This means that the sooner you get yourself into the game, the better because you start committing to something other people your age are putting aside. You start gaining the necessary experience, you start putting your money in assets which could potentially increase its value over time.
Similar to choosing our significant other, when it comes to Investments, it has to be something you know, something you understand, something that meshes well with your lifestyle, and something you are comfortable with.
Investing entails a lot of researching, studying, probing, and asking, but through it all, it’s going to be worth it because doing so will help you make informed decisions.
I get asked a lot: “What is the best investment out there?” Should I go Real Estate? Mutual Funds? Stocks? Bonds? REITs? ETF, perhaps? Unlike love, in investing, there is no such thing as ‘The One’. There is no such thing as ‘The Single Best’ Investment. In investing, it’s always better if your investments are spread out. This is called “diversification.”
Always remember that you and your goals are important. There’s an investment outlet out there that will certainly match your goals in life, your investment experience, your capacity to invest, your sensitivities.
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Written by Andoy Beltran, an SEC, BSP, PSE and Bloomberg-licensed investment professional with 16 years of experience across various asset classes.