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<\/p>\nOPINION: There’s no perfect time to start investing, but procrastination can equal lost opportunity. Frances Cook shares tips for getting out of your own way. <\/p>\n
Most people don\u2019t fail at investing because they pick the wrong fund. They fail because they never get started at all.<\/p>\n
The sharemarket is now easier than ever to buy into, with a minimum buy of $1 on many apps, that can be accessed from your phone. <\/p>\n
Yet the dreaded analysis paralysis can hold people back, sometimes for years, and stop them from taking those first steps to financial independence. <\/p>\n
Tom Hartmann, personal finance lead at government education platform Sorted, said people often treat investing like a high-stakes puzzle where one wrong move will blow everything up.<\/p>\n
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Investing isn’t chess. (Source: istock.com)<\/p>\n
If you don\u2019t know what you\u2019re trying to achieve, or which tools are even meant for that job, it\u2019s easier to just leave your money in the bank.<\/p>\n
\u201cSavings is setting aside money for the future,\u201d Hartmann said. \u201cBut investing is really going to buy something, and going to buy assets that can increase in value over time or spin off an income.\u201d<\/p>\n
Hartmann said many people had heard investing was important, but would get stuck hunting for the “perfect” option that would outperform all others. But that not only created an impossible hurdle, it wasn\u2019t necessary in order to do well at investing. <\/p>\n
\u201cWe can’t tell the future. Not enough people say this. We don’t know how it’s going to turn out in a given fund going forward. We can see how performance has been in the past, but it’s no indication of what’s going to happen next. <\/p>\n
\u201cYou\u2019re really just looking for something solid, where fees are reasonable, and the provider is reputable, and communicates well with you.\u201d<\/p>\n
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No provider has a crystal ball. (Source: istock.com)<\/p>\n
Too many options, not enough action<\/p>\n
Dean Anderson, founder and CEO of digital investing platform Kernel, said the explosion of choice was a double-edged sword.<\/p>\n
\u201cIt’s very easy in today’s world. With everything being digital, in a couple of clicks your dollars can be invested into almost anything,\u201d he said.<\/p>\n
Bringing it back to basics could help people feel more in control of their investing journey.<\/p>\n
For those who are comfortable with their KiwiSaver experience, they could branch into investing outside of KiwiSaver by looking for similar products. <\/p>\n
\u201cYou take a high growth fund, it can be a combination of index funds already pre-made for you,\u201d he said. <\/p>\n
For many long-term investors, \u201cthat is actually probably a really great place to start, and for a lot of people, all they need for their long-term journey as well.\u201d<\/p>\n
The morning’s headlines in 90 seconds, including a dramatic late night rescue in a posh Auckland suburb, the White House says Elon Musk\u2019s pet project doesn\u2019t exist, and what Britain\u2019s PM thinks former prince Andrew should do now. (Source: Breakfast)<\/p>\n
\u2018Best\u2019 versus \u2018good enough\u2019<\/p>\n
Even once people know the theory of investing, perfectionism gets in the way.<\/p>\n
\u201cWe never feel ready,\u201d said Kristen Lunman, co-founder of career platform PowrSuit and former co-founder and chief executive of investment platform Hatch.<\/p>\n
At PowrSuit, their principle is that \u201cyou can learn by doing\u201d, and Lunman said investing was no different.<\/p>\n
\u201cIf you just switch your mindset to, you’re not trying to find the best investment, just like with your career, not trying to find the best time and the perfect time,\u201d she said.<\/p>\n
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Searching for the ‘perfect’ investment can lead to procrastination. (Source: istock.com)<\/p>\n
\u201cWhat if you’re trying to find a good investment that you can stick with or a good decision that you can stick with?\u201d<\/p>\n
That shift matters, because perfection tends to turn into procrastination.<\/p>\n
\u201cBest and good are very different goals,\u201d Lunman said. <\/p>\n
\u201cBest often paralyses us, whereas good just releases the pressure and you’re like, I’m just gonna start something today.\u201d<\/p>\n
For Lunman, there is a difference between genuine danger \u2013 such as \u201ca really hot tip and there’s a new crypto coin\u201d dished out by a stranger you meet on a plane \u2013 and normal uncertainty in a reputable, researched investment.<\/p>\n
\u201cJust like in life, the risk of doing nothing is often worse,\u201d she said.<\/p>\n
\u2018Risk\u2019 for money vs real life<\/p>\n
The money world often asks you to think about how much \u2018risk\u2019 you\u2019re willing to take on, but the word is used slightly differently from how it\u2019s used in other areas of life.<\/p>\n
In everyday life, \u2018risk\u2019 often describes the things you\u2019d avoid at all costs, whether that\u2019s house fires or speeding cars. <\/p>\n
But Lunman said real-life danger and investment risk were not interchangeable. <\/p>\n
Investment risk was closer to the uncertainty you accept when you move cities, start a business, or have a child. You don’t take the risk because you love uncertainty, but because the potential payoff is worth it.<\/p>\n
\u201cWe take risk all the time,\u201d Lunman said. \u201cAnd all it means is that we’re stepping into something that’s slightly uncertain, but we step into that territory because the payoff\u2026 is worth it.\u201d<\/p>\n
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“Yeah… I don’t know.” (Source: istock.com)<\/p>\n
A system to get you out of your own way<\/p>\n
If you keep circling the idea of investing but never quite start, you\u2019re not alone. Here are the tips these experts agree could help break the loop, without totally throwing caution to the wind.<\/p>\n
1. Pick a time horizon, not a product<\/p>\n
A good first question is, when will you need this money? If it\u2019s within three years, it\u2019s probably best in savings accounts or term deposits. <\/p>\n
Three to five years often does well in cash funds, or bonds. <\/p>\n
And five years or more can be when property or the sharemarket shines. <\/p>\n
2. Stop searching for the perfect option<\/p>\n
Perfect doesn\u2019t exist. Good does. <\/p>\n
A diversified fund that suits your time horizon will do more for you than months of comparing line-by-line performance histories. <\/p>\n
3. Get an easy comparison<\/p>\n