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The 5 Basic Points Every Newbie Dubai Investor Should Be Aware Of
There’s nothing like a global pandemic and job losses across the board to make you consider your assets (or lack thereof…).
And if you took a step back and checked yourself on your monthly outgoings, or considered how you could manage your money better, fret not, you’re not alone.
Sure, you might already be making savings, but the question you should really be asking is, ‘are your savings going to the right place?’
Investing soundS daunting but, particularly during these times, we should be working on building our money-pots over the long term. (Sounds good, right?!) The markets are currently in see-saw mode, but there are wealth specialists out there to help, and I am 100% ready for this chat! We spoke with Standard Chartered, a leading international banking group to come up with a strategy to help guide your investment decisions.
Peace Of Mind Investing For Dubai Residents: How To Get Started On The Right Path
5. Investing is like a gym habit. Start small, and build it up. Consistency is KEY
This is the part that’s a no-brainer. Invest regularly, even if it’s just a small sum. If you have AED 1,000 going into savings, why not start with a monthly investment instead.
4. ‘Dollar-cost averaging’ is a key strategy to making sure your rainy-day fund ACTUALLY has cash in it
Requiring zero effort from your good self, regular investing means you’re taking advantage of ‘dollar-cost averaging’. If you add your money to a Mutual Fund, the fund purchases assets and moves based on market fluctuations. Your ‘buy’ rate is fixed so you will get more or less shares depending on if the share price is lower or higher.
The market is unpredictable, so regular investing is the best strategy for growing your wealth long-term… But it’s not all on you! Specialists advise you to maximise your returns by consistently re-investing any interest or dividends you receive from your investment. Putting more money to work, your investment will grow over time.
3. Become a better investor: Understand your style to guide your future investments
Are you impulsive, or an analyser? Personally, I’m cautious about investing, and I would definitely look for professional guidance before sinking my teeth (and a chunk of my paycheque) into a financial plan.
Learn your style, which will ultimately help you understand your personality traits and enable better market decisions here!
2. Don’t put all of your eggs in one basket
One word: Diversify.
Like how you shouldn’t put all of your eggs in one basket, don’t put all of your money in one fund. Get guidance on how best to diversify your funds across different areas, to minimise the risk of market fluctuations and allow you to maximise investment return.
1. Say hi! Meet the Wealth Specialists
You may not study the markets, but this lot do.
Standard Chartered Wealth Specialists are trained regularly on market movements and financial news, info and insights; they’re there to give your investments the edge and to help you make a smart investment plan at all times.
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