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  • Writer's pictureNoel Watson

Ten tips for investing success in 2024


Introduction


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



The ten tips for investing success



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


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



2. Don't try to beat the market.


There are some incredibly talented people in the market, and trying to outsmart the market means you are competing against these people. It's unlikely you will be the winner. It's also highly unlikely that you will have access to someone who can beat the market (although you will find no shortage of people who say they can!)



3. Try not to check your investment balances too often


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" in investing!



6. Take the right amount of risk


Consider


  • How much risk do you need to take?

  • How much risk are you happy taking?



7. Have an emergency fund.


Withdrawals from your retirement savings should ideally be planned for rather than on an ad-hoc basis.



8. Don't chase past performance


Chasing past performance can be detrimental to retirement success.



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.


Base your investing on what has always worked rather than what is working now.



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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