How To Get Started Investing? With Kalpana Fitzpatrick
How To Get Started Investing? With Kalpana Fitzpatrick
💸How can you boost your finances with investing and make your money work for you? What are meme stocks? How do you pick an investment platform?
These are some of the questions we discussed with Kalpana Fitzpatrick, a financial journalist and author of Invest Now: The Simple Guide to Boosting Your Finances, released in December 2022.
Inflation is still high, with cost of living having increased drastically and there is a lot of uncertainty. But investing is key for the long term. And so is financial resilience. If you’re looking to start investing or consolidating your knowledge, this episode will help you get started!
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You can listen (28 min) and subscribe here:
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“Investing is definitely not about getting rich quick. And again, just cut out the social media noise.”
what is stopping you from investing?
One of the things you often hear is oh, I'd love to do investing, but I'm not rich enough. The common barrier is where people think they actually need hundreds or thousands to even get started, and actually you don't.
You can start with a small sum and it's quite simple. And then the second barrier is the complexity people see — that they need to be good at stock picking or they need to sit at a screen every day and monitor stocks, know when to buy and sell. That's just not how it works.
It is as easy as opening your bank account and earning interest, but it's just been done in a slightly different way and there are ways to do that so that it can be as simple as that.
The common myths around it is that it's too complicated. People also think it’s almost like gambling - but it’s not actually like that at all.
how do we get started?
Anyone starting out, you're looking for someone that can do it for you. That’s what we call the Robo platforms.
Read what the journalists are talking about, which platforms they're talking about.
Go to reputable platforms as well. See what the customer reviews are saying about them.
Know what you want to achieve because some platforms are geared towards being just ethical. Make sure the platform you choose is aligned with your goals.
Don't go somewhere where you have to pick your own funds. We have a Robo Advisors, so you don't have to pick your own funds.
GET FOMO OUT OF YOUR HEAD
The fear of missing it out is one of those things that can really damage your finances. Not just when it comes to investing, but in general.
Do not hold a stock because so and so has told you it's great, or you've seen a rave about it, people raving about it on social media.
Buying a property is a very big financial decision, but once you've done it and you're paying off those monthly mortgage payments, it feels a lot better than paying rent because you know that you're building your financial future. You're not paying a landlord.
Don't let FOMO drive your investment decisions, make sure you got your consumer hat on and that it is driving your decisions.
Try to ignore meme stocks that you come across on social media - they are mostly just hype.
Unfollow anyone that's pushing stocks and certain brands towards you, it's never the right way.
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You can follow and connect with Kalpana at:
Kalpana’s new book: Invest Now: The Simple Guide to Boosting Your Finances
Instagram @kalpanafitz
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