What inspired you to start rainchq?
Well, some of you who have been with us for a while may have already heard the story. Over the 15+ years I worked in the financial services industry, I continually watched with exasperation as women who were masters of just about every aspect of their lives, still found themselves falling short when it came to mastering their finances. And even if they did master them, they then encountered friction at virtually every step of the process from being poorly engaged with, talked down to, and basically not given the same attention and advice as men. rainchq is my contribution to doing something about that.
It is my commitment to helping women not only take control of their financial futures, but also to live their best, financially abundant lives entirely on our own terms.
And while building wealth encompasses many elements such as saving, managing debt and building your financial education, if we truly want our money to work harder for us, get the best possible returns, and, importantly given the current economic climate, outpace inflation, investing is one of the best tools we have.
So whether you are a seasoned investor, or just getting started, here is a checklist to help you make sure that you are consistently getting the most out of your investments:
- Understand and set your goals and expectations. The same way we’re setting out why rainchq exists, you should think about what you are trying to achieve, why and within what timeframe. For example are you focusing on retirement? What returns are you hoping to generate, are they realistic and are you aware of the risks as well as the benefits? Are you familiar and comfortable with the charges?
- Know the risk. Understanding and working with your risk threshold is a vital element of investing. Whilst some people are willing (and financially able) to take higher risk, others just aren’t comfortable with doing this. Take the time to understand just how much risk you are happy with and make sure that your investing decisions reflect this.
- Don’t follow the crowd. Remember the tale of Taylor Swift refusing to follow the crypto crowd and saving herself a whole lot of heartache in the process? Just because everyone is talking about how great an investing opportunity is doesn’t mean that it is necessarily what it seems, or even something that will work for you. Instead of listening to what everyone is saying, do your research, think about your own investing goals and risk tolerance, and make a decision based on what works for you – not what everyone else is saying.
- If looks too good to be true it usually is. When an investing opportunity seems amazing, risk free, guarantee to make you a huge return, and essentially too good to be true, it probably is. Whilst there are some amazing investment opportunities out there, there are sadly also many that are scams, or simply not at all that they seem. So whenever an opportunity that seems almost too perfect presents itself, do start asking some important questions before you jump in.
- Think long long term. Investing isn’t about quick returns. It’s about building sustainable wealth over the long term. Markets are complicated, and as we’ve witnessed many times before, they can and will fluctuate. However, history shows us that even periods when markets are at their most volatile do come to an end eventually, and things do tend to stabilise. So if you do see your investment go up and down, don’t panic. Instead of rushing to sell them or making a hurried decision, try and hold your nerve and remember you’re in this for the long run. If you want money that is immediately accessible, try exploring a high interest savings account along with your investing .
- Don’t be afraid to ask for help from professionals. If you need a bit of help with your investing and are in a position to do so, don’t feel afraid to go to a professional broker, adviser or financial planner. Of course you’ll need to do your research first and make sure that the person is qualified, regulated, aligns with your needs, goals, values and is even just a good fit. If you’re not in a position to seek help and want to do the research yourself, do make sure that you are using reputable, knowledgeable and impartial sources that can give you the right guidance.