How to start an investment portfolio online in 2021 >> Got some money saved away and want to start thinking about investing for the future, but are unsure of where to start? With the pandemic affecting business and finance for millions across the globe, it might not seem like a great time to be investing for the future. Despite this, however, plenty of savvy young people have started looking into ways to invest and grow their incomes by leveraging different digital investment platforms and tools.
If you’re interested in starting an investment portfolio in 2021, take a look at this quick guide, detailing some steps that you can take from the comfort of your own home. Before you know it, you could be well equipped to invest your hard-earned capital, taking the next steps towards financial freedom.
Get your finances in order
To start with, this goes without saying for most, but its important that you have a watertight understanding and grasp of your financial situation before you start locking money away in a forward-thinking investment venture. Luckily, there are a bunch of handy apps and services to help you with this, so make the most of them if you aren’t already.
Plum, for instance, is a handy smartphone tool that you can download in order to get detailed breakdowns of expenditure, savings, and more. If you’re trying to accrue a larger savings pot in order to come out of lockdown with a more stable financial profile, these sorts of apps and services might help you. Another helpful service is MoneyBox, which will actually round up change from incremental purchases and even invest it on your behalf – a great way to start getting into an investment mindset if you haven’t before.
Think about the investment type that’s right for you
There are a range of different investment types, each with their own list of positives and negatives, and so you’ll need to think about which asset suits your lifestyle best, and what’s the most financially viable for you. One investment strategy that a lot of young people have been getting increasingly involved with over the past 18 months is stock and shares investments, using intuitive and easy-to-access online trading platforms.
Another point worth considering is whether you actually have the time required to put into the investment strategy, depending on the sort of thing you’re interested in, and how you might be able to work around these constraints. If interested in property investment, for example, you might decide to opt for a more hands-off approach, with a rental management company dealing with the day-to-day of your property and ensuring that it’s tenanted while you focus on your main projects.
Use the range of guides and tools available online
There are plenty of different guides and tools available online depending on the type of investment strategy you’re interested in. Again, trading apps such as RobinHood and Trading212 allow savvy entrepreneurs and investors to control their stock/share portfolios from the palm of their hand, and might be something that you want to look into if you’re always on the go and want to use any moments you have free more efficiently.
If interested in something more substantial and long-term, property investment company RWinvest are one of the many out there offering various guides, podcasts and videos on the ever-growing real estate market. If you want to learn more about buy to let property, for instance, you have the option of listening to a podcast guide, or downloading it as an e-book to read through at your own pace.