Prime News Ghana

5 investment tips Ghanaians should know before age 28

By Justice Kofi Bimpeh
investment_tips
Investment tips

Living a fulfiled life is mostly dependent on how you are able to manage your finances, managing your finances requires planning, here are some investment tips Ghanaians should know before attaining age 28.

1. Research into the types of investments available.

Key among my investment tips for you is research, this can be the rock on which your investment plans are built on, you need to know how the investments terrain works, and the types of investment available and the ones that meet your investment goals. Researching on the investment theories and other related investment terminologies gives you confidence on your investment step, with the needed investment research you will not find yourself in the shoes of those who without knowing invest in Ponzi schemes example is customers of defunct Menzgold in Ghana. So this investment step will direct your steps in investing in the right bank or financial institution.

Read also: Gov't can do little about "Ponzi Scheme" locked up investments-Ken Ofori Atta

2. Set investment goals

My investment tips will help you choose the best out of the rest, setting clear investment goals will make you know how much to invest and for how long, your investment goal can be for retirement, to pay college school fees or to buy or rent a house, when your goals are clear you do not suffer on how to invest and for how long. Most people do not achieve their investment targets because from the onset their goals are not clearly defined before you reach the age of 28 make sure you have it at the back of your mind that one of the most important investment tips to focus on it setting your goals before you begin.

3. Invest with your extra cash

One mistake a lot of people do is from the start of their investment journey, they invest with monies they are supposed to live on, and this is wrong, you start your investment with your extra cash that will not necessarily affect your eating plan, transportation or rent. You begin your invest plan with your extra cash and later as you grow into the investment world you can fall on part of your direct income to invest the more. Focusing on these investment tips shape your investment life.

4. Diversity

One of the investment tips that will help you greatly reduce risk is diversifying your investment portfolios, do not put all your investment weights into one avenue, invest in more than one financial institution so that in the case of loses you can easily fall on other investment, with this you do not get so much disappointed in your investment financial journey.

5. Look to the long term

Your investment plans should not be directed towards 'I want to get rich quick' but rather a long term plan that will help you in the future with the little you save. Getting rich quick investment institutions most often turn out to be ponzi schemes that promise fixed returns on investment that will make you rich in a short period.

With these investment tips, you can be assured of being a worker or employee who will live a healthy life during and after your work life.

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