US finance expert Peter Dunn, known as Pete the Planner, has given investors an idea of where they should be investing if they want to ‘double their money’.
Investing can be an extremely lucrative practice but Dunn warned against adopting a ‘get rich quick’ approach.
Instead, people should be looking to put their money towards more moderate targets and reap the rewards in the long-term.
Speaking to GBN America, he said: “eight to nine to 10 per cent is a great rate of return on average”, he said.
Pete the Planner spoke on GB News
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“It means you’re going to double your money. You’re going to double your assets every nine years or so based on that return.
“I know that we want to get rich quick. Cryptocurrency and Bitcoin has us feeling like we’re all going to be crypto millionaires overnight.
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Pete the Planner warned against thinking investment is a game of 'getting rich quick'
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Pete the Planner spoke on GBN America
GBN AMERICA
“The reality is, if you can double your money in eight or nine years, that’s amazing, and you can do that with an eight or nine per cent rate of return.”
Speaking to Patrick Christys, he gave advice to novice investors on how they can approach the practice.
“I think it has to do with defining your goals and identifying what you’re trying to accomplish”, he said.
“Most novice investors would say, ‘I want the most return I can get, give me the highest return’.
“In fact, that’s kind of a bad idea because it won’t help you make better investment decisions.
“For me, I’m happy with eight to 10 per cent annually.
“Does that make me a boring person? Arguably, but that’s a different question altogether. I would say it allows me to make better investment decisions.
“If you’ve got money to invest, don’t just say, ‘hey, I want this to be the most it can be’, because that actually makes investing harder.”
First-time investors are urged to set clear investment goals by reflecting on what they want to achieve financially.
It is also important to determine how much you can afford to invest and set a budget. This is due to the risks involved with investing in stocks.
