FOMO shall be no more my friend; Three practical and easy tips to start investing and building wealth

BY KEISHA BAILEY

Investing is certainly the talk of the town these days. Seems like in every nook and cranny, someone and everyone is talking about mutual funds, unit trusts, stocks, bitcoin, cryptocurrency. If you are like me, then you have friends bragging about their high returns from investments in their TFSA and RRSP and what they plan to do with all that money they made.

If you are not an investor, then the FOMO (fear of missing out) is real and that FOMO can hurt both emotionally and financially. You literally may be short-changing your future by not investing right now. I am concerned about the financial hurt and I want to help you avoid it by showing you how you too can invest and earn high returns just like everyone else is doing. Trust me, I am an expert at growing money; so, let me show you exactly what to do.

Follow these three practical and easy tips so you can start investing and building wealth to live the life you deserve. FOMO shall be no more my friend.

Tip 1: Build your “rainy day” fund
With the “new normal”, one thing for sure is that nothing is for certain; anything can happen at any time. So, you need to always be ready for anything life throws your way. Your emergency fund that “rainy day” money, should be roughly three to six months of income. Start creating your emergency fund by stashing away money each month into a high-interest savings account. Start with what you have, whether it be $100 or $1,000 per month and with consistency, you will be able to have the emergency fund set and be ready for any “rainy day” that comes your way.

Tip 2: Get rid of your high interest debt
High interest debt is any form of loan or credit that has an interest rate over 6%. These products are all very expensive debt to have as you pay a lot of money in interest costs to be able to pay down the amounts you borrowed. You want to keep the outstanding balances for these loans and credit cards at a minimal level. You can start by paying down that high-interest rate credit card with the lowest outstanding balance while making minimum payments on the other credit cards (that’s if you have multiple credit cards and loans). Gradually work your way to paying off all the credit cards and then you can free up more money for saving and investing. To stay disciplined, set up standing orders or automatic withdrawals to the credit card account so you can keep on track.

Tip 3: Open an investment account and start buying stocks
Commit today to going online or getting on the phone or sending an email to set up an appointment with your financial advisor to open your investment account. Start learning about stocks and pick a group of three to five companies you are familiar with. These will be the stocks you research and add to your portfolio. Investing is the ultimate game-changer. This is where you can really change your life for the better.

Imagine being able to buy that dream house or dream car. Imagine taking that dream vacation and being able to rest and recharge. What would you do with your time, knowing that you don’t need to physically show up to work to be able to make money?

Money loves speed. Take action today with these three tips and you will see results. I am a financial expert – I have been teaching and showing people and companies how to invest for 17 years. I love talking about investing and growing money; it’s my thing.