Some thoughts about saving and investments that have crossed my mind over the last couple of weeks after doing quite a bit of reading on the subject:

Be cautious: Think through any kind of decision that will have an effect on your everyday life and cash balance as if your whole life depended on it. Do all of your research and read up on the basic facts as you can find them, then get further truly independent and impartial advice, and then make your decision. Yes, at some point you just have to pull the trigger and many of us can really struggle in this area, too, but research can truly pay off when making big decisions and spending money. The consequences of not researching are there for all to see – ‘great’ investments oversold and the life savings of many returning much less than they should and fees swallowing up huge percentages over the years.

Timing: What is a sensible period of time holding off on making a decision – researching – and how much research should you do? You could be reducing the time it takes to reach your targets and increasing the value of your earnings via compounding of interest if you delay too long, so get your research done to a point where you feel comfortable and then make a start. If you haven’t got a system for saving money weekly or monthly where cash is automatically transferred to a savings account, however small, you must start that without further delay. Stop what you’re doing now and get this done – it will literally take 15 minutes and will be the beginning of your investment journey.

Regular reviews, but not too regular: The days where you could leave an investment and just wait for it to mature with that huge cheque landing on your doormat are over. Investments need regular review and if you need to take profits or alter your strategy to reflect activity in the economy, get it done to keep yourself on course.

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Ian Mountford is a global recruitment expert and strategy coach providing motivation and guidance to entrepreneurs, wannabe or fully-fledged. He draws from his own experience of building businesses from the ground up and spending many years helping clients to consistently achieve their goals and aspirations. Ian works with clients face-to-face and internationally.