What should you know?
At this time of year we see and hear many predictions of what will happen over the next 12 months. These are particularly plentiful in the world of investing, where investment commentators publish their market forecasts. These can vary wildly and it is no coincidence that the bolder predictions, attract the greater number of clicks!
The below news feed sums this up perfectly (note: this is from a previous year and does not relate to 2024):
Why should you care?
Market predictions are nothing more than guesses. The fact they vary so greatly demonstrates there is no reliable method to predict the future movements of markets over the short term. If it were possible, all the forecasts would broadly align and would be accurate more often than not. Alas, this is not the case.
This year should be viewed the same as any other, as a small step in your journey to wealth creation.
As you look forward to the year ahead, ignore the guesses in the media and focus your attention on getting the fundamentals right:
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- Build a savings buffer..
- Increase your monthly savings amount.
- Invest your bonus.
- Check you have the correct amount of insurance in place to protect against the unforeseen.
- Invest in a portfolio of the world’s leading companies for the long term.
