It might seem ‘safe’, but your savings account could be costing you |
Every year, I talk to countless people in the same position: they’re sitting on tens (sometimes hundreds) of thousands of dollars that they know “should” be invested.
They tell themselves “at least it’s in a high-interest savings account”, they explore their options (i.e. meet with financial advisers, talk to an accountant), and sometimes they even dabble (i.e. buy a few ETFs, pop some money into a term deposit, buy a little gold) – but months turn into years and nothing much changes: the majority of that cash continues to sit in a savings account.
Afraid of dipping your toe in? It might be time to take the plunge and learn to invest.Credit: Simon Letch
Don’t worry – I’ve been there. Today, in my last article for the year, I want to help get you off the fence and onto the path of taking your investing journey seriously.
Here is what helped me – and many of the nervous investors I’ve worked with over the years – get over the avoidance and fear, and start growing an investment portfolio with confidence.
When you aren’t a confident investor yet, having tens of thousands of dollars doesn’t come with the elation some might imagine. For many, it comes with stress. You’re caught between the anxiety that you “should” be doing something with it, and........