Having never invested at 29, I might be a little late to the party. I’ve perhaps never been in a position to invest – I’d put it down to a combination of early indecision in career paths, a love for living and travelling abroad, expensive rent and £6 pints! But I’d also say that financially speaking, I’m not much of a risk taker.
As a keen sports fan, many of my friends will regularly talk to me about their “accies” – affectionate name for an accumulator bet – on Saturday’s football results. They’ll spend anything from £1 - £20/£30 predicting who will score first, how many corners there’ll be, who will win the game, how many yellow cards the referee will give out. They’ll ask for advice about when to cash out; whether I think Jamie Vardy will score a 92nd minute winner to win the game for my beloved Leicester City and bring home their bet, or whether they’re better to cash out to ensure they at least come home with a tenner. Some of these bets can provide quite handsome returns too, and when they do, it’s pretty certain that I’ll hear about it! On these occasions, it even makes me want to get involved, although what tends to stop me is the cliché that you only hear about it when they win.
I guess what I’m trying to say here is that, in my head, I see investing as a form of gambling, and for that reason, I’ve been hesitant to part ways with my money. So, I’d love to know; how is investing any different to gambling?
I know they’re obviously different things, and I’m aware that investing is considered very important in creating financial wellness. If I speak to my grandparent’s generation for example, many say that they rely on investments to keep their head above the water. Yet even so, the thought of investing is still quite daunting to me.
I wonder if anyone would be willing to share their first experiences of investing? Whether they had similar doubts/fears to me, what they have learned over the years, what their advice would be to someone in my position/age group. I’d also be interested to hear people’s perspective on why they believe investing to be so important in creating financial wellbeing.
Many thanks all!