We are living in times that are rather uncertain both in the UK and in the wider world too. For many of us, this leaves us feeling vulnerable and not sure what we should be doing to best protect ourselves financially. In this post, I am sharing how I am preparing for my future and this includes investing with WiseAlpha
There are a number of things that we should all be doing in order to future proof ourselves and it is not too late to make changes to our lifestyles and spending that will enable us to live better in the future. What we do know is that there is less money going into the NHS, there is less in the national pension pot and we are living longer. These three things impact on each other and as individuals, we cannot rely on the state to keep us in the lifestyle we would want.
- Start saving and make it regular. We need to be making regular savings and prioritise this each month. It doesn’t matter how much we sav to begin with it is more about creating a habit of saving. I put away a set amount every single month, it is a non-negotiable and I do not touch it, borrow it or forget. I have this saving set up as direct debit each and every month, over time this is going to grow and grow, especially if I save clever.
- Understand compounding. Oh, how I wish I was taught this at school! Compounding is where your money makes you more money, as explained here. This therefore again is the reason why regular saving when young will yield the best results. I wish I had started investing younger to make the most of this. Now I am playing catch up with WiseAlpha but still making money!
- Investing is a way to make money. For as long as I can remember we have had low-interest rates and this makes it very difficult to generate income from your high street savings account. We need to be cleverer than this and not just put away our money in a savings account. We need to get it working for us to provide that passive income. The wealthy have understood this for years and continue to invest, where those of us not from that background have missed out on this secret and it has been difficult to infiltrate this financial arena. Now though normal people like you and me can also invest from starting off with as little as £100. Initially, to grow your wealth you need to take a risk by investing some of the money you earn, but this can be as little as £100. After this, your money can start to work for itself. This is where companies like WiseAlpha are helping by guiding new investors through the process of investing.
Investing with WiseAlpha can help secure your future which will allow you to live well and provide for yourself no matter what uncertainty the rest of society is in. It is not too late to learn the principles of investing and to start accumulating real wealth. Click here to get started now.