Long term financial stability is becoming a more prominent concern, especially in the circumstances of rapid financial growth. The boom of fintech has unfolded neverending investment and saving opportunities, all you need to do is to choose wisely. We asked Eduards Lapkovskis, CEO of the peer-to-peer lending platform VIAINVEST to share 4 quick tips on how to be smart about your financial decisions.
1. Start investing early!
Let’s be honest – no one should really count on a peaceful retirement funded by the local government. To retire comfortably you need to invest regularly and start doing it as early as possible. The time when investing was associated only with floating stock market charts is long gone, you do not have to take a risk that can be handled only with a strong background in finances. Fintech now offers an opportunity to save even to the most inexperienced investors and it is usually enough with as little as 10 EUR to try various opportunities and choose the one that suits your needs best. This should encourage people to start investing in their early 20’s – even if you have only 50 EUR, you can still make these funds work!
2. Monitor your expenses!
If you would closely monitor all your expenses for at least a month, you would be surprised how much of your money is spent on things you actually do not need! Saving may seem a difficult task when you are young, but it definitely pays back in a relatively short period of time. Create a separate bank account that is not tied to any of your payment cards and transfer a certain amount of money to it each month. This will guarantee that money will not be easily accessible and spendable, but you will keep a chance to invest it and earn.
3. Learn key terms of investing!
Being aware of general rules of how the income from investments is calculated or what does a basic investment indicators stand for may be very useful not only when making a decision about how much to invest but also to choose which investment tool would be most suitable for your current financial situation. This knowledge can also help to navigate you through the business news and be better prepared for fluctuations of the financial world.
4. Consider investing with peer-to-peer platforms!
It is amazing how accessible fintech has made investing. Peer-to-peer lending platforms are the best example of how everyone can become an investor even without a lot of free funds. Investing in consumer loans, for example, is a great way of how to try this tool, explore what it offers and what are the returns. Investing surely requires patience, but this may be the fastest and most effective way to see the return on your investments!
Peer-to-peer lending platform VIAINVEST offers you to invest in consumer loans with a return on investments up to 12,2% annually! Try VIAINVEST now!