Along side procrastination fear is one of the biggest causes for people not starting investing or building wealth in general.
Not Investing Is More Risky Than Investing
Im sure you all understand inflation and everyone should know savings accounts yield a negative yield when inflation is accounted for, so your going to loose if this is all you do.Investing in quality investments will always generally give you a positive net yield for those worried about loosing money id highly recommend index fund investing as these are highly diversified and still give you a decent return overall.
Understanding Your Investments
Ill be the first to admit i’ve invested if stocks that I don’t understand and ill be honest in saying generally this hasn’t worked out for me don’t make the same mistake, stocks don’t always go up this concept is the same for any other form of investing.Understanding investments gives you a higher chance that you will succeed.
Stick To what You Know But Learn About What You Don’t
This is a continuation to the last point but when you don’t understand an investment class its a good idea to learn whilst investing in something else so you can learn about it it whilst continually getting gains from investing in what you know.this works to broaden your understanding in multiple asset classes so you can eventually invest in multiple assets.
Gain Your Understanding And Start
once you know what your doing you just have to start this was the biggest step for me it took me months to take that first step but i’m certainly glad I did, there’s no escaping this but doing this will start you on your journey to becoming rich.