Imagine you are driving – you have control in the journey, but now and then you encounter something that either speeds it up or slows it down. Imagine you are driving aimlessly… with no purpose and no sense of direction. How are you meant to know where to go if you have no plan and no route?
It’s the same with investing! You can invest without a plan, without discipline, but how do you really know how, when and where to allocate your investments?
Setting your own goals is an important step for any investor, whether new or reasonably experienced. By planning and setting a goal, you know the allocation of money that you wish to invest and the speed at you wish to get rewarded. This may also influence the type of investment products you choose.
For example, if someone wants to buy a house and needs to pay for a 10% deposit, they are more likely needed to allocate a larger chunk of their monthly income to saving and investing than someone who is looking to buy a PS5.
The Raiz app can help you to invest with a plan. Recurring Investments and Savings Goals make it easy to automatically add money to your Raiz account on a consistent basis, helping you stay disciplined with your investing and reach your goal.
How do I set a goal in the Raiz app?
You can get it done through the ‘Invest’ section of the app.
You can choose to create a savings goal, allowing you to pick something to save for and track your progress in reaching a target balance. Saving for any motivational purpose, whether it be a house, a holiday, or an emergency saving – because you never want to repeat a situation when you need cash and did not have it.
To create a savings goal, tap on the savings goal switch at the top of the screen. It’s that easy!
Then to set up a recurring investment just select the amount of money you wish to invest regularly, and then choose a period that suits you – whether that’s on a daily, weekly or monthly basis.
It doesn’t have to be a large amount; investing even small amounts frequently can help you make progress towards your goals.
Remember, it’s never too late to start. The best time to invest was yesterday, the second-best time is now!
Don’t have the Raiz App?
Download it for free in the App store:
The information on this website is general advice only. This means it does not consider any person’s investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the Raiz product.
The information on this website is confidential. It must not be reproduced, distributed or disclosed to any other person. The information is based on assumptions or market conditions which change without notice. This will impact the accuracy of the information.
Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz.
The past return performance of the Raiz product should not be relied on for deciding to invest in Raiz and is not a good predictor of future performance.
The advertisement has not been reviewed by the SC.