How much do you need to start investing?
Whenever I meet someone and tell them what I do, I regularly hear the comment “I’ll come see you once I have some money”. My response is always “If you had money, you probably wouldn’t need to come see me!”
Whilst I’m clearly joking, there is some truth to this response. There is a bit of a misconception that financial advisers are only for rich people. If you’ve got some mega portfolio of investments and you’re looking to gain an extra 1-2% on your existing returns, then you should see a financial adviser. But this simply isn’t true, and definitely isn’t the types of people we work with.
The most common thing we hear from our clients is “we earn good money but we aren’t sure what to do with it”. Financial advice is not just for people who have already made a fortune, it is for people who work hard, have secured good jobs, and are looking how to take the next step in their financial journey.
Another great time to get financial advice is when you are facing a lot of choices in life or there are a lot of changes coming up. This may be having kids, doing renovations, buying houses etc. Financial advice can help you map out what this looks like from a cashflow perspective so you can make sure you’re making the right decisions before it’s too late.
So when can you start investing? Well interesting fact, you already are! Superannuation is an investment. It is exactly like the types of investments we recommend outside of super every day and it is something you need to take seriously.
If you want to start investing outside of super though, you can likely start a lot quicker than you think. As a general rule, we usually recommend people start with $10,000. For a lot of people, this can be saved pretty quickly. The key to good investing is not having huge sums to start with, but instead regularly saving and contributing to your investment portfolio. This is when you’ll see the most success.
So if you’re interested in investing or even coming up with a plan on how to get yourself in a place to invest, then now may be a great time to reach out.
This post is from our resident Financial Planner Ben Brett, check out his details in the About Us section.
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