Mark Simpson asks how beginners should start investing for long-term income. The answer: self-educate through blogs and books, then use free guides on platforms like Hargreaves Lansdown to learn the basics, from what the stock market is to the difference between ISAs, SIPPs, and REITs.
Ways and means to bring in income in many different forms, and one of them is the investing. If anybody hasn't really gone down this sort of road before and somebody's thinking, well, I want to now start to look at other ways and means of bringing in income over the long term. And obviously you cover this in your book, but where do you recommend. Could be a really good place for someone to get started if they wanted to find out a little bit more about the stocks and shares and ISAs and whatnot. Is there any, obviously, apart from your blog, is there any things that people can start to look and do and over the course of the weekend and sort of figure this out a little bit more? Is there any sort of ways and means that you recommend on that?
You can find literally every thought anyone's ever had on the Internet, so you can just research to your heart's content, play on YouTube for years and years. Yeah, as you said, my blog, my book, they're not bad places to start. One of the places you can start, it's a bit of a weird cheat, but if you actually look at some of the online trading platforms, so Hargreaves Lansdowne is one that I always talk about. There's a bunch of other ones out there, but you don't need to. You don't need to sign up with them, you don't need to give them any money. Go onto their website, which I think is hl.co.uk they'll have a crapload of guides of how to get started investing. What does the stock market even mean? They've got loads of beginner's guides because obviously it's their job to get you to give them money. But it's not a bad resource and a bad starting place to find out about all the different options out there. And now, obviously that is very UK specific, because they talk about SIPs and ISAs and junior ISAs and all these different things. Even if you avoid the specific vehicles you can use in the uk, they're general guides to, well, how do I invest in real estate investment trusts? They talk you through, well, what is a real estate investment trust and what's the difference between that and a property company and blah, blah, blah. So they've got loads of different guides. That's probably not a bad way to start.
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