We all know the expression don’t put all your eggs in one basket and when it comes to your finances, it’s very good advice.
Marc Bineham finance expert and money coach from the Money Sandwich advises against putting all your resources into just one investment, because in the worst case scenario you may lose it all.
If you have the means, spread your investments over a diversity of assets: shares, property and superannuation to spread your risk should there be a downturn or crisis in one sector.
Within those areas, you can also diversify. For example, having shares in different sectors in companies with a strong track record that have stood the test of time. With property, seek good quality properties with good rental or future sale potential.
Having a sensible diversified investment portfolio will affect your income in retirement so it’s well worth assessing and reviewing your investments with a longer term focus.
More information:
- Moneysmart: Diversification
- Business Insider: Diversifying Your Portfolio
- Forbes: 12 tips for diversifying your investments
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Older Women’s Network NSW
The Older Women’s Network in NSW believes in a society rich in social capital, where mutual respect and trust are paramount, where diversity and debate are valued and where people and their networks have a legitimate voice.
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We acknowledge the sorrow of the Stolen Generations and the impacts of colonisation on Aboriginal and Torres Strait Islander peoples.
OWN NSW supports the Uluru Statement from the Heart, the call for a First Nation's Voice enshrined in the Australian Constitution and a Makarrata Commission to oversee agreement-making and truth-telling.