Are you looking to create an investment plan for the new year? In this day and age, making sure your money is working for you is more important than ever. With proper planning, preparation, and cutting-edge innovations for trading, making sound investments in 2024 can help build a solid financial base that will lead you toward long-term success.
A proper investment plan starts by setting your goals and understanding what kind of assets you’re willing to take. Then comes the fun part – research & analysis where Oanda simplifies the job through a set of tools and features that make selecting securities easier than ever before. If this sounds like something that interests you, then look no further: we’ve put together all the information you need to create an effective investment plan.
Read on as we explore concepts such as goal setting, research & analysis, risk management strategies, and much more. Let’s get started!
Ways to make better investment decisions in 2024
Here are three strategies for making sound financial investments in 2024:
Develop a personal financial roadmap
Investing can be a complicated business for even seasoned investors, so creating a financial plan tailored to your needs is important. If you haven’t already done so, you should thoroughly examine your financial situation and create a budget. You can make your own financial choices or consult a financial counselor for assistance. Nothing in the world of investing is certain, but with a sound financial plan and the help of a financial adviser, you may improve your chances of long-term financial stability.
Spread your investments
It’s always a good idea to diversify your assets, as spreading your investments across various markets and asset classes may help you maintain a steady rate of return. There is no correlation between stocks, bonds, and cash rise and fall. Therefore, if one asset has a terrible run, the other will enjoy a good run. Successfully reaching your financial objectives depends on proper asset allocation.
Always have an emergency fund
Keep some money aside if you must stop investing for a while. Intelligent investors always have a contingency fund set up in case of emergencies. Financially astute individuals purchase other forms of life insurance, such as a savings plan, and a plan for their children’s education, to cover all of their bases. Keep six months’ worth of living expenses in savings in case of need.
The top five asset classes you should focus on in 2024
Real estate
In what promises to be a very exciting 2024, real estate is one of the asset classes that will likely be getting a lot of attention. With more people looking to invest in real estate as a long-term financial strategy, 2024 is shaping up to offer some very attractive opportunities and leverage points for those lucky enough to be in the position to make investments. From exploring options such as privately owned property rentals through vacation rental sites or stringing together multiple properties into one operation with acquisitions, there’s no denying that real estate provides the potential for handsome returns and unparalleled diversity of options.
Forex market
If you’re an investor looking to get ahead of the game in 2024, the forex market is where it’s at! Even during the past few years, massive growth opportunities existed among the world’s currencies. With a changing global economic landscape, many financial experts believe there will be even more growth potential next year. Additionally, take advantage of round-the-clock trading and zero commissions to maximize your gains with forex trading. No matter your risk appetite or how much money you have to invest, there’s sure to be something for everyone in this highly sought-after asset class.
Bonds
An upside to inflation is the growing interest in savings bonds, especially Series I savings bonds. In April 2022, the I bond rate reached an all-time high of 9.62 %, sharply contrasting with the S&P15 percent decline during the same period.
Those seeking a good investment with spare cash can purchase I bonds until April 30, 2024, at the lower (but still great) 6.89% yield. It’s hard to argue against a guaranteed rate of return, even if the money won’t be available for a year after you buy it.
Stocks
When it comes to investing for the future, stocks are certainly an asset class to add to your portfolio in 2024. There are great opportunities for those who know where to look and have the discipline and drive to follow through with selecting, monitoring, and tweaking a stock portfolio over the long term. The markets can be unpredictable, but if you are careful and patient, the rewards can far outweigh any potential downsides.
Cash and savings
Although interest rates on savings accounts and CDs have been rising recently, these investments may not be lucrative over the long term and may not even keep up with inflation. Since inflation always erodes the currency’s value over time, savings accounts and CDs are not always a logical option. The best time to make these investments is for short-term requirements, such as an emergency fund or funds needed in the next few years.
Why you should invest more in 2024
The start of 2024 is a time like no other for potential investors. With the economy’s recent resurgence, stocks and businesses globally have seen an opportunity to take full advantage of the newfound stability in stock markets. Investing now makes investor returns sure to be ample–it’s the perfect combination of stability and growth simultaneously. Investing more in 2024 can help you secure your future financial goals quicker than ever before. Don’t miss out on this amazing opportunity; start securing your future today by taking that next step towards greater rewards!
Kim Marks 