So you want to start investing in online opportunities? Caution needs to be exercised and there are certain things to consider when you decide to make investments online because there are more Scams than genuine investment opportunities online than you know.
I keep scouring the internet every day for opportunities that I can invest in and present the genuine ones to all my esteemed readers but I can't do this vast job all by myself and that is why I decided to write guidelines to aid anyone looking to invest online and I hope you will find these tips useful in your quest.
Without further delay, stay glued and let's begin
Things you should do before you start investing Online
Be (almost) Debt Free before Investing
There is no better way for me to put this but the truth is your decision to invest shouldn't be based on paying a debt or knowing you have huge unsettled debts waiting to be paid somewhere. Why? Because this will lead you to make bad judgments on opportunities that exist online.
Any investment either online or offline shouldn't be a way out of debt for any investor but building on or securing the little or much that you already have. So, think long and hard before you go into borrowing what you don't have to earn what isn't guaranteed.
Your Networth shouldn't determine your Investment
Your net worth is the sum total of all you have in cash, in the bank and in properties owned minus the debts you are owing. So if you own a car, live in a rented space with 500 thousand to your name in the bank and you have an unpaid loan of some sum then all liabilities must be deducted from all you own if converted into cash, then whatever that is left is your net-worth.
So let's say you have 50 thousand as you net-worth, that shouldn't be a determinant of how large or how little you should invest but it gives you a foresight of what can be achieved with how little or much that is yours if well managed.
Be sure to let your spouse know what investment you intend going into
This is meant for the married folks and it is really really important to have this resolved with your partner right from the start and why is that, if ever you run into a hurdle and might be needing assistance of some sort, with your partner having a full knowledge of what you are investing in and truly in support by trusting your judgement concerning the said investment, then you will be having a member of your board of trustees who are willing to offer help when needed.
So letting your spouse know helps put an end to future disputes if he or she finds out without being told from the start.
Be disciplined with spending in your personal life
All expenses must be accounted for. All the random shopping for things you only use once, expensive meals that you can ordinarily cook in the comfort of your home and excessive loans that you can't forgo, all of these must be stopped and if they can't be, at least cut down till you actually cancel them out eventually.
85% of the things we buy are things we WANT and not things we NEED. There's no sin in spoiling yourself every once in a while but not to the point where you can't give an account of your spending especially if the said money is meant for your investment capital.
Always have a backup or emergency savings in case anything goes wrong
In any business or investment, it is never wise to go all in with the capital you have at hand (not a wise move). Always have something saved just in case your plan doesn't go the way you expected so you don't end up in a total loss in all areas.
So ALWAYS have some amount put aside to start something with just in case.
Before ever investing, have a purpose for investing
"He who fails to plan, plans to fail"
Never go into any business without a plan and without a primary goal to be accomplished. My primary goal of investing online is to create wealth to expand my knowledge on earning online so I can teach legitimate and genuine ways to others so they too can replicate them.
Why is this my primary goal? I reside in a country where her image has been more of Negative than positive (Nigeria) and to many reading this (especially those in the Western World) must have had an encounter with one false African Prince or Oil deal message promising millions. These are the bad eggs and not one country in the world doesn't have them, so it isn't peculiar to my country but my efforts to make better ways of earning online available to my kinsmen and the rest of the world is a small step in the right direction.
Before ever investing, do an adequate research on the investment and those behind it
So many have bought share offline based on an advert that was shown on TV, in a newspaper or word of mouth without doing their adequate research on how well the stocks of the company is doing in real-time and so they ended up buying into a failed company without making even back their capital invested.
Make Google your friend whenever you see an opportunity that seems promising online. Search for content reviews about the company, the owners, and profile on its existence. All these things matter greatly and they will aid in your success in choosing the right opportunities to invest in.
There will be cases where little to no information will exist due to the investment opportunity being newly launched if this is the case do your research on those behind the project and if you can't find anything concrete then steer clear of such.
Educate yourself on your area of Investment
Many make the mistake of putting their business totally in the hands of others to run on their behalf without a single knowledge of what the investment is all about. If you are part of this group of people, I'll advise you change your ways and be a partaker in the knowledge of what your money is being used for.
It is not necessary that you be an active participant in growing your investment (but in most cases it is advised you become)but at least make enquiries either from the investment team on what and how it is they generate profit with all invested capital received.
Be Automated and Updated in Your medium of Banking, Communication, and Education
When it is said that "the world is at your finger tips", what do you think this means? At a push of a button on your mobile phone, anything and everything can be accomplished, from shopping, travelling, banking, communicating etc.
If you have decided to do your business online, then you need to stay updated to make the process a lot easier and accessible to you. And in the push to stay informed, there are certain apps and online platforms you will have to get registered with.
You will be limited in your purpose to partake in online investments if you don't have online means of transferring cash (Bank or Cryptocurrency), an active email account, a social media handle or just being updated on latest investment news online. So
So if you are the type that is "old school", it is best you upgrade yourself and get with the trend in time.
Join Familiar Social Circles in line with your area of Investment
Now that you have found and invested in an opportunity you found online, then next step is joining social groups in line with your investment.
By doing this you get informed on latest and other opportunities that exist but be careful, you will still have to undergo all the aforementioned steps above before taking part in any of the opportunities that you might find in these group because not everyone in a group has the best intention of the group at heart.
BONUS TIP
Draw a visible line between your WANTs and Your DESIRE
Want and Desire are two very far poles apart. This will be decided based on your personality meaning, "Are you the type of person that lives for today and gives little hoots about how tomorrow turns out?" or are you the type that cares about "How tomorrow will be more rewarding than your today?"
The decision is yours to make...
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I am glad you read this through till the end and I believe you found it useful. If you did, with the act of paying it forward please do share for others too to benefit, like and also comment below if you have questions, I will be glad to read them and get back to you with a swift reply.
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Thank you for reading and see you in the next read.