Since we launched the Investment Club, our experts from Goodbody have been with us every step of the way. Here they share practical tips on investing …
Here are the experts’ three top investing tips for beginners:
MICHELLE O’KEEFE, Head of Wealth Advisory at Goodbody
1. Research first – don’t just go on tips from friends. This is your money, so make sure you know what your potential upside and downside is before parting with your funds.
2. Get advice – if you are investing a large sum, take advice and understand the options open to you.
3. Don’t get greedy – for early investors I would always advise, if you are making significant gains on your investment, take your initially invested funds out, then your losses are limited to your gains only. Obviously, join THE GLOSS | Goodbody Investment Club which gives you many more tips!
MAURA O’NEILL FCCA AITI QFA, Senior Portfolio Manager, Goodbody
1. Give it time (be patient).
2. Keep it simple.
3. Stay diversified.
SARAH QUIRKE, Head of Investment Solutions in Goodbody Wealth Management
1. Walk before you can run: start off investing smaller amounts, get comfortable with the volatility in markets and what level of risk you are comfortable with before you start investing large sums. Typically, this means you’ll be more comfortable in periods of market volatility and will stick to the plan rather than panic selling.
2. Diversify: this is one of the best methods to reduce risk. Consider different companies, sectors and asset classes. Essentially, don’t put all your eggs in one basket.
3. Take advice: investing any significant sums of money is a big financial decision and professional advice ensures that your investments are suitable for you. Professional advice can also be valuable in introducing you to a wider investment universe, for example, certain special opportunities like private equity funds.
LAURA DeVOY, CFA, Director, Goodbody Wealth Management
1. Only invest what you can afford to lose.
2. Trust your own judgement.
3. Invest in companies that you understand and that make products you use. If you like them, chances are others do too.
CATRIONA COADY, Head of Tax at Goodbody
1. Know the basics.
2. Keep up to date.
3. Trust your instinct
JESSICA KWONG, Wealth Executive at Goodbody
1. Begin with investing only what you can afford to lose.
2. Pick a few stocks that you like and are familiar with.
3. Try diversifying across different sectors (healthcare, consumer staples, tech, etc.)
ÓRLA TOBIN, Senior Director on the Wealth Management team, Goodbody
1. Speak to your financial advisor and understand your needs and goals in the short-term, medium and long-term.
2. Start now, don’t wait. The earlier you begin, the more you will benefit.
3. Expect and accept the ups and downs, ride them out.
CAROLINE ELLIOTT, Financial Services, Goodbody
1. Educate and empower yourself to take control of your own finances.
2. Start a pension and seek advice from a financial advisor. Small changes now make a big difference to your future.
3. Investing is like a rollercoaster, be prepared for the ups and downs.
SANDRA MANNING, Executive on the Wealth Management team, Goodbody
1. Keep it simple, diversify your investments and don’t panic!
2. Once you have a suitable spread of investments and the appropriate time horizon, it’s important to stay invested.
3. There will be bumps along the way when invested in markets as we have seen in recent years. Remember this and don’t sell in a panic.
KATE WALLEY, Executive on the Wealth Management team, Goodbody
1. Seek investment advice and educate yourself.
2. Identify your goals before you start and ensure you diversify across asset classes and sectors accordingly.
3. Only invest what you are comfortable with losing.