3 Pieces of Advice for New Investors Who Want to Diversify
One of the advantages of being an investor is that you can make as much money as you want, and you can do what you want with it – including making a change. If you get involved in real estate investing the right way, by educating yourself and having mentors, you can get on the path to financial freedom and leave an impact on the world.
We recently had a conversation with Felecia Froe, founder of Money With Mission, an investment company focused on empowering professional women to build wealth and achieve financial freedom through investing. Felecia shared some great tips on how you can make money and have a positive social impact as a real estate investor.
She also shared three important pieces of advice for new investors who have a career but want to diversify their investments. Read on to see her three pieces of advice.
1. Educate Yourself
Felecia emphasizes the significance of educating yourself about investing. Before diving into the world of investments, take the time to learn about different investment options, strategies, and market trends. Familiarize yourself with the terminology and principles of investing. By investing in your own knowledge, you can make better-informed decisions and minimize the risks associated with investment.
2. Talk with Mentors and Friends
Felecia strongly advises against going solo in the journey of investment. Surround yourself with mentors and friends who have already experienced the ups and downs of investing. By having people who have "been there and made mistakes" on your side, you can learn from their experiences and gain valuable insights. Instead of reinventing the wheel, adopt successful practices and strategies that have been proven to work. Having a support system of knowledgeable individuals can provide you with guidance and help you navigate the complexities of investing.
3. Start as Soon as You Can
Felecia stresses the importance of starting your investment journey as early as possible. Time is a valuable asset when it comes to investing. The earlier you start, the longer your investments have to grow and compound. The power of compounding can significantly enhance your returns over the long term. By starting early, even with small amounts, you can take advantage of the potential for exponential growth. Don't wait for the "perfect" moment or until you have a large sum of money to invest. Start with what you have and gradually increase your investments over time.
A Few Real Estate Investment Options
Short-term housing
Assisted living
Apartments
Grocery stores or boxes
ATMs
Restaurants
Car washes
Oil and gas
Felecia offers three key pieces of advice to new investors: prioritize education, seek guidance from mentors and friends, and start investing as soon as possible. By continuously learning, leveraging the experiences of others, and taking advantage of time, you can set yourself on the path to achieving financial diversification and long-term success as an investor.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out http://www.trustgreene.com/podcast/zen/075.