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The 2020 (and 2021) pandemic hit the global financial scene hard. Ireland was somewhat spared and enjoyed an increase in GDP of 5.9%`
However, this does not mean that we got out unscathed with many investments markets commodities to pensions and stocks suffering very turbulent times.
One thing the past 2 years have taught us is the importance of preparing not only for the future but for the worst case scenarios in said future. That is why it is so important, now more than ever, to make smart investment decisions.
To help you out, here are a few tips for both first-time and seasoned investors.
1. Diversify your portfolio
Don’t put all your financial eggs in one basket. This is probably the most basic piece of advice that everyone getting into the investment game hears. And if 2020 taught us anything it is the fact that diversifying really helps cushion the blow when things get tough.
With all the different investment opportunities Dublin has to offer, spreading the risk is actually not that hard.
2. Be smart with your lump sum investments
Lump sum investments in Dublin are becoming more and more popular whether it is newfound wealth from inheritances or business investments finally paying off in a big way.
Despite the big risk involved, seeing how much of a payout these investments can bring puts their popularity into perspective.
However, as with any other investment it is always best to err on the side of caution. It helps a lot if you are working with experienced advisors to help you figure out how much of the lumpsum to invest and where.
3. Work with experienced financial brokers
While we are still on the topic of financial advice, it helps to invest in the services of the best financial advisor in Dublin in which case Quigley Financial Brokers are your safest bet.
Their experience will come in handy during turbulent times to help you figure out whether to stay put or jump ship with shaky portfolios.
4. Never make financial decisions out of fear or excitement
This is particularly important for long-term financial investment plans. Avoid making decisions based on trends, hype, and mass panic as this rarely ends well.
Instead, take your time to understand what is changing, how, and why. It also helps to consult your financial advisor so you can make an informed decision.
5. Don’t underestimate the power of a rainy-day fund
Investments are great as they are a way to help you get your money to make you more money. However, it is important to understand that having a rainy-day fund is just as good of an investment as any other.
Emergency funds may not necessarily give you great returns, if any at all. However, they definitely do come in handy when times are tough by giving you a safety net to land on and build back up from when things get bad.