I want to start investing in 2024 (step-by-step guide)

Want to become a millionaire without winning the lottery?

Then listen up!

This episode is for anyone interested in investing in 2024. Kate & Owen take listeners through a whirlwind adventure covering what investing is, what to do before investing, what you can invest in and how to invest in it.

Why don’t people invest?

So why don’t people start investing? Here are three of the biggest reasons why (according to research done by the World Economic Forum recently):

1. Fear of losing money in the market
2. Lack of knowledge or find it too confusing
3. Belief that you need more money to start

Let’s unpack these.

• Limiting money beliefs: e.g. I’m not smart enough to invest. These beliefs also don’t have to be your reality → you can change them, it will take time and action.
• Not enough knowledge → you need to do your “money apprenticeship though”
• Not enough money → micro-investing apps for $5. 
• Not enough time → simpler than you think, less than 5 minutes, just a driver’s licence number and address info. Then, it is fully automated based on your pay. 
• Analysis paralysis → start with one of the brokers in the show notes like Pearler (sponsor), Stake, etc. 
• Fear of losing money → it will happen. We all lose money. This is why we say to make the investing amounts really small to start. Start with micro-investing, then build up. And as you’ll discover, you can separate your money into a core and satellite.

What should you do before investing?

• Pay off debt – emotional and financial benefit 
• Emergency fund – cheapest insurance policy ever (you can get insurance in Super)
• Understand the basics – you’re on your way! Keep listening to the podcast.
• Have a plan – to start with, maybe you could say ‘for the first year, 80% of my investments will be in ETFs’.