Ndubuisi Egwim, who has taught over 4,400 doctors about investing, warns that asking "what should I buy?" first can cost you thousands. He outlines seven things to evaluate before investing any money, and shares stories of millionaires who lost fortunes and doctors who took extra night shifts to recover from bad decisions.
Have you heard one of those stories about millionaire investors who lost almost everything because of one or two terrible decisions? Or maybe it's just a professional like you, like a doctor who put far too much money into an investment, lost all of it, and suddenly had to start picking up extra night shifts just to rebuild again. Look, I've had dozens of nightmare stories like that, and sometimes I'm not hearing them secondhand due to what I do at Moneywise Doctor. Most time I'm speaking to the person affected. They've either sent me an email or sent me a DM, or they are sitting in front of me or in a live masterclass in one of our communities, and they're telling me exactly what went wrong. Now, investing always involves risk. You cannot completely eliminate that. Investing in itself has to involve risk. But there are things you can do before you invest a single pound, a single dollar, or even naira that can dramatically improve your ability to survive when things don't go according to plan. Look, after more than 21 years of investing, writing a bestselling book on investing and personal finance in the UK, and after teaching more than 4,400 doctors about investing and tax efficiency, there are 7 things I believe every new investor should consider before they start investing. 7 of them I'll show to you. There's another reason I'm also making this video, because over the last couple of weeks, something rather unexpected happened on this channel. I made a video analyzing the Dangote Refinery IPO. Now, more than 800,000 people have already watched it, and beneath it, the video, I've received hundreds and hundreds of comments, more than 800 comments so far. I get things like, doctor, should I buy Dangote? Oh, this video was very eye-opening, but which shares should I buy? What international shares should I invest in? And someone said, I've never watched an investing video this long, but this actually will help me to understand things clearly. Can you teach me how to invest? But look, after 21 years of investing, I think that's the wrong first question to ask, and that's where people start making mistakes that could cost them money.
