How to start my wealth journey?

I am a young female interested in investing but feel unsure of how to get started on the process. Can you provide guidance on how to go about this new journey?

Name withheld

Chrisley Botha, wealth adviser at PSG Wealth, responds: Wondering how to start this process is normal when you’re new to investing. Although sometimes the financial world can be confusing, it is important to make use of a good financial strategy. I would suggest you prioritise the following tips for successful investing.

Goals: Identify what your goals are. Are you saving toward retirement, or are you looking to invest your money for other needs? Bear in mind that your priorities and goals might change over time, and your financial plan needs to adapt accordingly. That’s why it’s best to work with a financial planner who can assist you in keeping your plan on track throughout.

Balance: Finding a balance between risk and return can be seen as one of the most important skills for an investor. One step toward this skill is to know your risk tolerance and understand the performance of assets under different economic conditions. Generally, it’s best to diversify your investments and have some exposure to stocks, bonds, cash, and property, as this

diversification allows you to spread the risk.

Costs: The costs and fees can affect the returns of your investment, so the lower your costs, the more you will save in the long run, and remember to choose tax-efficient products where possible.

Discipline: Stay on course with your plan. Working alongside a financial adviser will help you formulate a successful investment strategy.