Do you ever think about investing but never get around to it? Or have you thought about using investment apps to make it easier? Sometimes we need an expert to tell us exactly what we need to make our money work for us. Mark Matson is the CEO of Matson Money, which provides financial education, coaching and strategies. He chats with Bold TV about the importance of investing as well as the common mistakes young people make.
Stock apps and other mistakes
One of the key mistakes people make is herding. This means following the crowd, buying and selling when everyone else does. But this approach is not the best investment strategy. And you can find herding around investment apps, too. These websites and apps seem to make money managing fun, simple and shiny. But they’re destructive. Apps that turn your money into a game encourage you to speculate and gamble. People have been majorly burned by playing these types of games. So how do you decide your best strategy for investing? Come up with a purpose for your money and your life. Most people wouldn’t say that gambling is their life’s purpose. Once you decide your purpose, you can invest your money wisely.
Start investing early
It’s important that you start investing early in life. Big payments such as student loans, credit cards and rent keep our immediate attention. And then, we put off investing until we feel we have saved enough money. Discipline will pay off in the long run. And by starting early, you won’t be an old dog learning new tricks. Start by setting aside a specific amount of money each month. Investors call this paying yourself first. Get a wide diversification. This means spreading your money out between several different investments. Keep it broad and keep paying yourself.
For more on investing, check this out.