Sirwin
Sirwin

The Truth About Investing

By Astroboy13 | CryptoByte | 29 May 2024


Investing is the key to gaining and, most importantly, maintaining wealth over time. However, the line between this and greed is very thin, so it’s always important to take the time for introspection to see where we are going. In this article, I’m going to share my most valuable principles about investing.

Fixing an Objective

Having a clear idea of what we want is very important before investing any money because your investment will, of course, differ. For example, a 21-year-old student who has some spare money and wants to buy a house will have a different investment plan than a 55-year-old parent who just wants to preserve their money from inflation. It’s clear that their investment plans will be different. Of course, the young investor can take more risks, unlike the parent who has a family to support.

1*wLaIsO9BWWgT5K-MCOalTQ.jpeg Photo by Nick Fewings 

The young investor can, for example, invest in crypto for higher rewards because they can afford the risk (of course, it’s an example, many young students can’t afford to lose a lot, it’s very personal). The parent can invest in bonds or in the stock market via some ETFs to reduce the risk.

So you have to know your appetite for risk. After that, you can focus on how to invest your money.

Know How to Invest

So now that you know where to invest, you have to figure out how to do it most efficiently for you. Do you already have a lot of cash sitting at the bank? Maybe invest a good amount at the start and then dollar-cost average ?

1*HGLoWBTL_oFalu4p_fNBTQ.jpeg Photo by Andre Taissin 

If you have a salary, it’s important to set an amount you want to invest. In this case, dollar-cost averaging is the classic way to invest. For example, each month after receiving your salary, you invest a predetermined amount you’ve set in the market of your choice (bonds, stocks, crypto, etc.).

When to Invest

First of all, there is no better time than today. It’s important to keep in mind that trying to predict the market will likely result in overthinking and Fear Of Missing Out (FOMO), where your emotions control you. However, if you plan to invest a lot right away because you have some cash left that you want to invest now, it’s important to educate yourself if it’s a market you are not familiar with.

1*NsvXcbA1LQ_UKtVIsA6I0w.jpeg Photo by Mathieu Stern 

As always thank you for reading !

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Disclaimer : This is not a financial advice, you need to do your own research !

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Astroboy13
Astroboy13

I'm a crypto entousiast


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CryptoByte

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