5 Ways to Help Grow Your Investment Skills

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Key Takeaways

  • Ask plenty of questions - don't be afraid to ask for help and advice when you're first learning about investing. Speak to financial advisors, knowledgeable friends/family.
  • Have patience - building investment skills takes time. Focus on long-term results rather than short-term progress.
  • Debunk myths - separate fact from fiction when it comes to investing advice and strategies. Rely on reliable sources.
  • Spend time studying - read articles and books to expand your knowledge about the stock market, investing trends, etc.
  • Understand your finances - get your own finances in order before investing. Make a financial plan, manage your budget and debt, set financial goals.

It can feel daunting to learn about investing. However, it doesn't have to be as overwhelming as you think. Even the most seasoned investors spend time studying and learning so they can improve their investment skills — and you can follow their lead.

There are plenty of ways to start building and improving your current investment skills in order to feel more confident. Here are some ideas to help you get started.

1. Ask Plenty of Questions

So many people feel awkward when it comes to asking questions about their new pursuits — new investors are no exception. But when you're learning, there's no such thing as asking too many questions; it's a great way to start building knowledge on a topic.

You could start by speaking with your financial representative to see if they have any resources that may help. You might also have a friend, family member or colleague who is knowledgeable about financial planning and can help you answer some of your questions.

2. Have Patience

Building investment skills isn't something that happens overnight. There's so much to learn and understand about everything from mutual funds to individual retirement accounts (IRAs), so try to give yourself the time to learn about investing.

As with anything else that you devote time, energy and money to, consider focusing on the long-term results, even if it's tempting to track your daily progress. Some concepts might take time to make sense within the bigger picture, and that's OK. There's a lot of investment knowledge to manage, but as long as you keep at it, the dots will likely start to connect.

3. Debunk the Myths

Have you ever heard that you need a ton of money to start investing, or that there's only one right way to save for retirement? There are a lot of misconceptions out there when it comes to investing, and as you start to dig into research and learn more, you'll want to learn where you can separate fact from fiction. Search for reliable sources of information to gain clarity.

4. Spend Time Studying

One way to build on your financial education is to read about investing. Consider reading articles about current trends, backgrounds of famous CEOs and even the history of the stock market.

Reading won't provide you with all the answers, but it can help you expand your mind and learn about different topics, which can come in handy as you determine your investment strategy.

5. Understand Your Finances

For many, investing sounds like something they want to jump into right away. But first, consider your finances. After all, ensuring your own finances are in order is important as you to start investing and planning for your future.

Consider starting with a simple financial planning checklist and go from there. Using a checklist can help you manage your budget, take a hard look at your debt and set up your goals over both the short and long term.

Once you have a solid understanding of your finances, including your objectives and goals around money, it might be easier to create an investment strategy that ties into those.

It's About the Journey

As you build your investment skills, you should take the process seriously but also try to enjoy it. You'll learn a lot, and likely make a few mistakes. Just remember that what you're doing now is helping to build your future. While it's not always easy, spending some time and energy trying to become a better investor can pay off.

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