It can often feel a lot like investing money is for rich people only – or, at least, for people who are more well-off than you. If you see yourself as having an ordinary family without the funds you need to start investing, you might think it’s not for you. It can seem like something you only get to do if you have plenty of funds to spare. But at the same time, maybe you’re panicking slightly about your future and that of your children. You can’t see how you’re going to retire comfortably, especially if you end up needing care in your old age. However, even if you see your family as “ordinary”, you could still find opportunities to invest.
Organise Your Finances First
If one of your major problems is that you feel like you have no money to spare for saving and investing, you need to get organised first. You can begin by looking for all the opportunities to save money that you might be missing. For example, you could be saving money with child tax credits or with childcare vouchers that you’re not aware you’re entitled to claim. There are many ways you could be saving money, from finding free things to do as a family to creating a better budget. If you can find money to spare, you can start saving and investing.
Getting Started with Stocks
Many people who are investing for the first time begin by investing in the stock market. If you’ve never done it before, it can seem confusing and difficult to get going. However, you don’t need to be an investment genius to get it right. As a beginner, using collective investment funds can be useful because it makes it easier to start a small portfolio. Some beginners decide to use a product offered by a service like Nutmeg, who will manage your investments for you. You might want to choose something like a stocks and shares ISA to start saving and grow your money.
Investing in Real Estate
If you own your home, investing in real estate might be an option you’re interested in. Of course, your own home is an investment on its own, but you could be interested in becoming a landlord. Once you have one property, you might be able to grow a portfolio of real estate investments. Many people choose to work with a property investment company to find the best opportunities and even have a guarantee of rent for a certain period. If you already own your home, investing in property might not be as unattainable as you think.
Invest in Your Children
Remember that if you want to secure your future, you should invest in your children too. Start with making sure you have life insurance, which will protect your family if you’re no longer around. But also consider your children in your saving and investment goals. Do you want to be able to pay for their education or perhaps support them in buying their own home?
You don’t have to be stinking rich to start investing. Even if you think you can’t do it now, reorganising your finances could have some surprising results.
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