‘Double your money’ with Pete the Planner’s top investment tip: ‘This is the target to look for’

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.

“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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“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.