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Investing, although riskier than cash, can create wealth over the long term with a strategic investment plan.

Implementation and Cost

  1. Calculate your net worth using a net worth calculator.
  2. Figure out your short-term, medium, and long-term financial goals (e.g., retiring with a $1000,000 investment portfolio).
  3. Understand the risks of investment and consider your risk tolerance.
  4. Consider what type of investment plan you need based on your goals
    1.  Short term - savings accounts, government bonds, term deposits.
    2. Long term - Super, shares, property, index funds.
    3. Income earning (dividend stocks), growth shares (growth stocks).
  5. Create your portfolio.
    1. Diversify industries, currencies, and shares to reduce your risk
  6. Monitor your investments over time.