6 Tips to developing an investing plan

January 24, 2024

Karen Grainger

Planning is always a good key to have for successful investing. Creating a plan will help you find investments that fit your investing time frame and risk tolerance, to help you reach your financial goals sooner.

This article from Moneysmart sets out 6 steps to get ready for investing.

https://moneysmart.gov.au/how-to-invest/develop-an-investing-plan

1. Review your finances – reviewing your debts and what you own allows you to calculate your net work to allow you to see what savings you can invest.
2. Set your financial goals – this will help you pick the right investment to reach your goals.
3. Understand investment risks – examples include interest rate risk and market risk.
4. Research your investment options – what is your time frame and what return do you want to achieve?
5. Build your portfolio.
6. Monitor your investments – review your investments regularly to make sure they are performing as expected.