Tips for beginner investors

Tips for beginner investors

START AS EARLY AS POSSIBLE

Mr Glen Ho started investing at 18.

He says: "I would rather people start investing $100 a month now than start investing $5,000 10 years later.

"I'm sure those who have started now will win over those who start 10 years later."

BE EDUCATED

"Many people buy stocks based on rumours and tips, without knowing what they are buying. To me, that's gambling," says Mr Ho, who made the same mistake with the first stock he bought.

ATTEND COURSES

Says Mr Ho: "The course fee is definitely worth it. To me, financial freedom is worth more than $100,000 - it gives you more freedom, which means time."

He adds: "I saw a lot of successful people who love to attend courses.

"Their replies are similar - 'If I lose the course fee, say $5,000, it's just $5,000. But if I benefit from it, the potential gain is priceless'.

"This means, I may profit millions, rather than having a lesson in the stock market by losing millions."

BE FRUGAL AND SAVE MORE

"People think they need a lot of money to start investing. That's a myth. You can invest with as little as $100," says Mr Ho.

"Many people in Singapore earn a lot, but they also spend a lot."

PROTECT YOUR MONEY

"Many people earn a lot and save a lot, but they don't protect their money. When an unforeseen circumstance hits, their money gets wiped out. One of the ways to protect money is by buying insurance, especially health insurance," says Mr Ho.


This article was first published on February 28, 2016.
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