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  • Writer's pictureNoel Watson

Ten tips for investing success in 2024

Updated: Jun 11


Introduction


It is fair to say that many of our posts go into a lot of detail; for some, they might be TLDR (too long; didn't read!). This short and sweet post identifies the key topics you need to consider for the best chance of investing success.



The ten tips for investing success



1. Create your financial plan before creating your investment portfolio.


Having clear goals and objectives should help you stick with the plan during turbulent markets.



2. Don't try to beat the market.




3. Try not to check your investment balances too often


Checking your portfolio balances once a year should be sufficient if you are holding a globally diversified portfolio, typically undertaken when you update your financial plan (see #1)


4. Optimise (lifetime) taxation


One key driver of retirement success is to (legally) optimise your lifetime taxation. Taxation comes in many forms, including income, inheritance, and capital gains, and it's important to evaluate these over the whole retirement period rather than looking at individual years.


5. Diversify


It's the one "free lunch" when it comes to investing! Understand each asset's role in the portfolio (e.g., defensive or growth).


6. Take the right amount of risk


Consider



7. Have a cash buffer


Withdrawals from your retirement savings should ideally be planned for rather than on an ad-hoc basis. The cash buffer should be used to absorb fluctuations in spending.


8. Don't chase past performance



9. Don't watch too much NEWS (Negative Events World Service)


A controversial one, but we hear of many retirement plans that are derailed because someone made a decision based on what bad news they read/watched.


10. Understand that a decade is not a long time when it comes to investing.




Conclusion


All the above might seem very obvious, but we often find it's the simple things that determine retirement success.



Next steps


If you would like to discuss any of the above in more detail, please get in touch.


About us


The team at Pyrford Financial Planning are highly qualified Independent Financial Advisers based in Weybridge, Surrey. We specialise in retirement planning and provide pension advice, investment advice and inheritance tax advice.


Our office telephone number is 01932 645150.


Our office address is No 5, The Heights, Weybridge KT13 0NY.


Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.


Although best efforts are made to ensure all information is accurate, you should not rely on this blog for your personal situation or planning.


The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.


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