In this first two-part series, Patti Handy, Financial Coach, covers how to start investing.
The first thing is to have a “roadmap” of where you are. Are you decades from retiring, or winding down your working years? That will affect where you should invest your money. And investing isn’t a one-time, “set it and forget it” proposition. Your investments should be reviewed at least annually and will change as your priorities do.
Do not turn to Google or the web for advice on investing your money. Just like in the medical field, there’s a lot of bad information out there. Start with a human being who understands you, and can explain what you don’t yet grasp. A product or strategy you don’t understand may not be a bad investment, but it’s not right for you until you can get your head around it. Don’t be afraid to ask questions; too often people smile and nod because their ego gets in the way.
The key to understanding investing is starting with your mindset. There are a number of books on this topic – but how did your childhood influence your opinions on money? Are there limiting beliefs we can work to change? Again, know where your starting point is.
Finally, Paula asks Patti what she wishes she could tell her 20-year self. Her answer: compound interest. We wrap up with an explanation and stark example of how powerful compounding can be.
Learn more about Patti Handy on her websites:
https://www.pattihandy.com/
https://mindinghermoney.com/
Email Paula Christine at Paula@PaulaChristine.com. You can also learn more online at www.PaulaChristine.com.