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 Financial Happenings Blog 
Tuesday, December 15 2009

Last week ASIC launched their latest publication in the fight to educate investors against making significant financial mistakes.  The booklet is titled "Investing Between the Flags" and is referred to by ASIC as a free practical guide to investing for retail investors.

The guide is available as a free download from ASIC's FIDO website.

The guide sets out six steps to investing between the flags:

    1. Understand some key things about yourself - think about your tolerance for risk and your goals and timeframes;
    2. Understand some key things about investments - understand how different types of investments work, only invest in what you understand, be clear on the trade off between risk and return (e.g. the higher the rewards, the higher the risk);
    3. Develop an investment plan - don't put all your eggs in one basket, spread your investments between different asset classes, managers and sectors so that you don't risk losing everything if an investment fails;
    4. Decide how to invest - when it comes to investing, decide whether to take a - 'do-it-yourself' approach or get a professional to do it for you;
    5. Implement the plan - do your homework, paying close attention to paperwork such as Statements of Advice and Product Disclosure Statements; and
    6. Monitor your investments - rather than just adopting an 'invest and forget' approach, keep track of your investments over time.

A must read for those new to the investing game or as a refresher for the hardened investor.

Regards,
Scott

Posted by: AT 11:35 pm   |  Permalink   |  Email
 
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