This article is a 5 min read.
This article is a 5 min read.
When it comes to our financial health, we’re often our own worst enemy. We recently shared 5 lies that keep us trapped on the hamster wheel of life. Unfortunately, there are a lot more where those came from.
Read on to come face to face with these lies – and banish them from your psyche forever.
It is most beneficial to start investing at a younger age due to the mathematical magic of “compounding” and “exponential growth”: both of which utilise the magic bean called time. An early start date, and consistent sums, give greater benefit than one lump sum later.
If you currently earn a salary, you are likely saving a current portion of it. Your new action is to now, this week, also invest a portion of it. You can try our Boutique Portfolio Management for a hand holding, custom experience in starting to invest – or you can look at the over 50 mutual funds offered by local T&T institutions (many have “almost no savings” starting amount requirements).
This is a doable “this week” (today!) action. Just commit to it.
In just 3 days, you can have all the tools you need to transform your current savings into true wealth – forever.
We are a financial services firm based in Trinidad & Tobago, and do you know what our most commonly asked question is? It’s “How do I make more money?”
Well, now we’ve answered it.
To get the answer, simply put in your name and email address below, and over the next three days, open the three emails we will send you.
Those three emails can change everything.
Put in your email, and let’s begin.
You need to seek out a competent financial advisor and maintain open lines of communication with them to assure yourself of their expertise. What you don’t need is to be an expert. Firstly, you do not become an expert before doing something as expertise is gained in the experience. Secondly, we go through our lives depending on the expertise of others – our doctors, mechanics, lawyers, teachers – and financial professionals are no different.
Avoid the unfortunate consequence of this lie which promotes inaction, and find a local financial advisor to speak to about your plans. Engage in a course of life-long learning which works in tandem with your actual investment choices.
Pay yourself first. That’s it. That’s non-negotiable.
Prioritise yourself before everything else. Your future comes before the credit card company. This is not a suggestion to stay in debt or not meet your obligations. It is a request to re-focus your priorities for your own benefit first.
If you’re so blessed, you’ll live a long life. Will you be able to seize the day in your 70s as happily as you did in your 30s? “You only live once” and “seize the day” are positive phrases but too often they are misappropriated as excuses to spend profligately with no plan for the future.
Don’t disappoint Future You. Focus your expenses on Needs and Loves; don’t waste money on Likes and Wants. Needs are essential items, and Loves speak to our passions. If you miss out on either, it should have a deleterious effect on the quality of your life in the long term. What’s the expense ratio of your Needs & Loves to Likes & Wants?
The potential for wealth creation cannot be exhausted; it is a never-ending well from which we all can dip. There will be other initial public offerings which give you the chance to ride a business wave all the way to the top, but well-performing stocks such as Microsoft and FIRST remain available for investment. The persistent (and incorrect) belief that investing is unreasonably risky is driven by the also incorrect belief that investing is a “get rich quick” scheme.
Change your mindset. Prudent investing is a long-term endeavour that must withstand market and personal life cycles. The only way for you to be left behind is if you do nothing.
Stop acting based on it. You may even find that some of these statements contradict themselves – well that’s what lies do. Once you recognise that, you’re on your way to the truth.
We could write lengthy chapters about these lies and their truths, but have chosen instead to condense the essentials into this article format.
However, we welcome discussing these (and more) in greater detail so contact us directly.
We want to talk to you.