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Still keeping your money in a savings account for fear that you’ll lose it through bad investments? The word “investment” still leaves you scurrying at a corner? Here are five things you think you know about investing and why you should not be afraid or get intimidated.
True, investing is not everybody’s forte. But that does not mean, it cannot be eventually your forte. Like many things in this world, all it takes is the right information and the willingness to learn. Here are five misconceptions about investing that are stopping a lot of people from making the most out of the money they work hard for.
Investing ends up in a scam
Wrong!
Scams have left “investing” a bad name. But the truth is, only a small portion of “investments,” the genuine ones, are scams. The key is to carefully study the investment scheme and to always remember this: If it’s too good to be true, it probably is. No legitimate investment will double your money in a week or even in a month. Invest through legitimate institutions like banks and investment houses. Insurance companies like FWD Life Philippines have investment options, too, that you can combine with your life insurance. There are many ways to invest without taking so high a risk.
Investing is difficult
People think there are a lot of requirements to start investing. While that may be true for some investment products, for a vast majority, it only requires the same documents you will need when you open a bank account. Some investment products can be complicated and will need study while others are so easy-peasy, you can just leave them to grow your money on its own.
Investing is not a necessity
You don’t need to invest your money the same way that you need oxygen to breathe or food for your stomach. But while it is not a necessity, it is nevertheless an important part of securing your future. Investing will allow you to grow the money you earn.
Investing is expensive
Contrary to popular belief, you don’t need a lot of money to invest. You can take a small portion of your salary every month and consistently put that portion into an investment product. In fact, a lot of financial institutions right now and even insurance companies like FWD Life Philippines have financial advisers who will give you an investment plan that suits the amount you are willing to set aside. For as low as PhP 1,500 per month, you can already invest your money.
Investing is not worth the effort
Investments are long-term tools that grow with time. Because people cannot see results and earnings early, they think investing is not worth it. Try parking your money for a good 10 years and you will see the difference.