What you should know before investing your money

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In a former life, Ellie Kim, the author of Why I Ditched my Chanel and the mum of two was a forex broker who led a luxurious lifestyle. When she quit her lucrative job two years ago, she found herself adrift. Feeling lost without her work and a steady income, she decided to write a book on mindfulness and money mastery. That led her to her current calling – Ellie is now a financial consultant who aims to help women become more financially literate. She shares her tips on how to achieve financial security while living a mindful life.

Pay your future self first
“Before engaging in any type of investment, you should have emergency funds to cover at least six months of your expenses, and also have your insurance sorted out. 

“This is to prevent you from having to cash out on your investments at a loss should you need the money. “Make this fund untouchable by opening a bank account without an ATM card, cheque or Internet banking services so you won’t be tempted to dip into it.”

Understand your mindset 
“I studied law in university because I didn’t know what I wanted in life. It was time and effort wasted as I never pursued a law career. 

“In the same way, before you make any investments, you should understand your own mindset first. For example, what level of risk are you willing to undertake and what type of returns are you are looking at?” 

Focus attention on yourself
“I find it strange how we are so interested in what others are doing, yet don’t pay the same amount of attention to ourselves. 
“Be more attuned to your own needs and wants, and the reasons behind them. This will help you take ownership of your decisions, instead of blaming others for a wrong choice or misjudgement.” 

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