9. Waiting Too Long To Invest
As previously mentioned, the cost of living and the prices of people’s groceries are going through the roof. Savings are being eroded as the inflation genie has been let out of the bottle.
With such meager returns from savings accounts and your money quickly losing value, you must put your money to work to stay ahead of the game.
When you invest your money into income-producing assets, your money starts to work for you. It’s a simple concept but an often overlooked area in financial management.
Investing can be hard initially, and plenty of education is needed, but don’t sit on the sidelines for too long. There is never a perfect time to start, and not all of your decisions will work out, but by having some skin in the game, you will start to learn what are good opportunities and what is bad.
It’s always prudent to spread your risk at the start and not put all your eggs in one basket. As you learn and become more confident in your judgment, you can start to alter the size of your investments. But this only comes with experience, so you must start sooner rather than later.