Updated August 2020
How much money is enough for you? Do you want to start using your money better or start investing? To start investing, some experts say you can start with anything from $500. Just thinking about these things will help you take some first steps:
- How much money have you got to invest?
- If none, can you get money from other sources (eg investing with others, joint ventures – but beware, these have risks)?
- What regular contributions, if you needed, can you afford?
- Do you need budgeting or other financial management help?
- Develop an investing plan and Investing between the flags(ASIC) 6 Steps, plus lots of other useful money and investing stuff at MoneySmart
- Investing – growing wealth for the future BT Financial Group
- How to invest Money Morning
- Free online courses such as: Future Learn Managing my investments
Warning – planning takes effort.
Call me cynical but – overwhelm, instant gratification, 24/7 news cycles and life itself, will all probably conspire against you.
It’s possible you won’t get around to using any or many of the above resources. True confession – I’m guilty.
Chances are too, that even at this early Challenge Day 2, you’ll “do it later” – gunna.
You’re not alone, there’s heaps of research, data, psychological studies and more that show procrastination is common when it comes to life changes, money and investing. Don’t let whatever reason for procrastination you have deter you:
- Having trouble starting your journey towards something? Dr Cross can help with his “Life is a Zig Zag” video in a previous post Change, cheese and moving it – have a lot to do with investing. Who knew?
- Feeling overwhelmed? I hope his 3 Steps to successful investing – questions and decisions made simple. helps.
But, in case you do put off planning…
Dare to dream about a bucket list
Why not start dreaming and creating your very own Bucket List?
If all the planning is too much for you, you’ve already done it, or you’re happy to plunge into investing going with what you know already or with gut feel or intuition, here’s something fun and that people do surprisingly rarely, make your bucket list.
- In 10 Things you must do before you die! How to get started on your Bucket List I’ve got some ideas for you.
- Mark Bouris’s Bucket List for Responsible Adults is a lot more practical, a bit more serious.
[here’s] another kind of bucket list – the things you need to take care of before you die.Mark Bouris
We avoid talking about them yet they are the things you can do to make life better for a whole bunch of people, including your spouse, kids, employees and yourself:
A Will, Power of Attorney, Superannuation death benefit and a Vault…
Day 2 Your Task/s:
- Do as much reading and planning that you can cope with
- Work through your WorksheetDay2
I look forward to seeing you at Day 3 – “The Lazy Investor’s Way to Set Goals”
I’d be delighted if you find my work helpful and share it and BiG with friends and family.
All the very best with your life and investing.