November 2022, DUBAI, UAE: In these ever-changing and unpredictable times, it is imperative to manage our investments carefully and more importantly, should align strategically with our short and long-term goals.
Shivansh Rachit, Founder & Board Member of Hedge & Sachs, an Asset Management & Consultancy firm, with offices in Dubai and London shares 5 key tips to help you invest smartly and efficiently, no matter what your starting capital is.
- Set clear objectives
One of the most crucial and primary steps to start investing smartly is to think of goals that you want to achieve; be it buying a new gadget that has freshly launched in the market, a house in Palm Jumeirah, or just generally to secure your future. Once you have your objectives in sight, it becomes easier to understand how much you need to invest, whether it is for a short term or a long term.
- Start investing early
The sooner you start investing, the wealthier you will be. It is advisable to begin investing at a younger age so that you can understand the ropes of investing and learn from mistakes early on.
- Save & then invest
Saving for the rainy days is crucial, but so is investing – in order to grow your wealth. You can stick to the 50/30/20 budgeting rule, which can help you spend 80% of your income on needs & wants, while the rest can be saved and used for investing.
The key steps are to be mindful of your income, your spending habits, and your budgeting practices.
- Diversify your portfolio
Don’t put all your eggs in one basket. You might be familiar with this term, and in the world of investments, it is imperative to spread your money across different investments, be it stocks, forex, or bonds. Diversification is key to generating greater wealth as you will not be relying on just one investment throughout your life and losing all your wealth incase things go downhill.
- Be a risk taker!
You should be courageous and willing to take risks to grow your wealth. Yes, there will be losses but a lot of wins too. Sticking to long-term investment plans and learning from your mistakes is the way to go!
Launched a little over a year ago, Hedge & Sachs is already among the leading financial asset management companies in the UAE, thanks to their certified employees and over 200 clients that they have serviced and managed – boasting a 100% retention rate. Visit their website to know more about their services: https://hedgeandsachs.com/
