To answer some of these common questions, we talk to Senior Investment Strategist and Head – Asia Business Development, Equities of AllianceBernstein, David Wong, to get you started on your path to financial security.
I only have a small budget – how much money do I need to start investing?
Let’s get this straight: you don’t have to be the Wolf of Wall Street to begin investing. “There’s almost no amount that’s too small,” says Wong. “If you can scrape together HK$10,000, then it’s already a good starting point.”
In fact, it’s better to get started today with a small amount, than to start 10 years from now with a larger sum. This is due to compounding, which means your assets are able to generate earnings for reinvestment over time. In other words, the sooner you start, the more money you’re likely to gain in the long run. “As a younger person, time is on your side, so I really encourage you not to hesitate and just get started,” says Wong.