Things To Consider When Investing For The First Time
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
George Bell, Fund Governance Officer at True Potential, talks through some of the things to consider when investing for the first time.
Setting a goal
Your motivation for investing is likely driven by a goal. By naming this goal and keeping it in mind, you’ll be more likely to stay committed to investing. Perhaps your goal is retirement, by focusing on that goal you’ll know that you need to put X amount of money towards the goal each month.
How are you going to get there?
Once you’ve established your goal, you can decide how you are going to get there. There are different investments to consider, a Stocks & Shares ISA, a Personal Pension, or a general investment account. With our award winning technology you’ll get a better idea of how to achieve your goal, with data showing you how much you may need to invest and for how long.
Tracking your investment
It is important to keep track of your investment to ensure that you are on course to achieve your goal. With True Potential Investor, you can see if you fall behind, and with impulseSave® you can top up your investment to make sure that you stay on track.
Closing your Savings Gap
Setting an investment goal and then investing towards it could be an effective way to close your Savings Gap. Our research has found that only a minority of savers will have enough funds for a comfortable retirement, by their own definition. Investing for the first time could be a good way to close this Savings Gap, and with True Potential Investor you have freedom and control to invest your way.