You Need Lots of Money to Start Investing
You may have heard people say you need copious amounts of money lying around to start investing. Although there is some truth to this, it isn’t the entire story. In reality, you could start investing with as little as £1 thanks to fractional shares and some brokerage accounts like Vanguard and Fidelity. Despite this low cost, it is advised that you do not spend all of your money on investing in stocks as it is risky, especially for beginners.
Car Leases are Aways a Bad Financial Decision
Buying a car is a big financial decision; sometimes leasing can be a more effective option. For example, a new Ford Focus Titanium (the cheapest of the 2024 line) costs £28,490 from Ford, whereas a leased Ford Focus Titanium from leasing.com costs only £258.86 per month. If you prefer to drive new cars every few years and want to avoid the hassle of selling, then leasing could be for you.
Always Prioritise your Mortgage
While it is essential to handle debt carefully, paying off your mortgage may not always be the best use of your money. Depending on interest rates, investing in other areas (like stocks) could yield higher returns.
Financial Advisors are only for the Wealthy
Though it may seem as if financial advisors are reserved for those with buckets of cash and Swiss bank accounts, there are reasons why you should consider one too. For example, particular transactions and important financial decisions, such as buying a house, are always beneficial to be looked at by a financial advisor. The same applies for specific financial questions, such as where to invest or store your pension. If you can’t afford a financial advisor, consulting a trusted friend or colleague who knows this subject is always helpful too.
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