The best piece of advice to get started in investing doesn’t come from financial planners, superannuation funds or even stockbrokers. It is widely attributed to ancient Greek philosopher Socrates: Know yourself.
In financial terms, knowing yourself means knowing the level of risk you are comfortable with, understanding the investing biases you are prone to and knowing the kinds of investing traps you might fall into because of that risk profile.
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Andrew Hobbs covers self-managed superannuation funds, financial planning, retirement and inheritance. He has been a financial journalist for more than 25 years, working previously at Bloomberg and Australian Associated Press.
