But the question remains: What’s the best way to invest money so you can become a financial wizard too?

Given the risk of losing hard-earned money, the last thing you want is to try, fail, and end up in a worse financial situation. To provide assistance, we interviewed six financial experts to get their best advice on timeless investment strategies. Here’s the roadmap.

Expert Tip #1: Get Started

Investing can be intimidating, especially if you’ve never done it before. The process seems like a puzzle, with terms like bear market, dollar-cost averaging, and asset allocation seeming meaningless. It might make you think investing is only for the wealthy.

Ultimately, the idea of making money this way seems out of reach, especially when you consider the potential for scary losses. No wonder the most challenging part of investing for many is just getting started.

That’s why the best way to start investing funds as a beginner is often to dip your toes in. But rather than diving into daunting investments, start small! Nick Covyeau, owner and financial planner at Swell Financial Partners, explains, “Starting with $50 to $100 per month… is a great way to get started.”

Remember, as the example with $5 shows, small investments add up over time. And the earlier you start, the wealthier you can become. This is because: a) compounding (interest earning interest) takes longer to work its magic, resulting in your net worth snowballing; b) you have more time/opportunities to recover from market downturns.

Conversely, the longer you wait, the more aggressively you’ll have to chase the same economic returns, and the harder it becomes to weather economic downturns.

Expert Tip #2: Think Long Term

92-year-old Warren Buffett, dubbed the “Oracle of Omaha,” is arguably the most successful investor of all time. With a net worth of $118 billion, he’s currently the world’s fifth-richest person. So what’s his best investment approach?

However, his secret to success isn’t just his incredible ability to invest in winning companies. It’s his unparalleled longevity. Buffett has been investing for over three-quarters of a century! Such longevity, coupled with the power of compounding, allows him to accumulate such vast personal wealth. In fact, 90% of his wealth has been amassed since his 65th birthday. The takeaway?

One of the best investment approaches is long-term investing.

Jen Swindler, Senior Wealth Manager at Vincere Wealth Management, notes, “Many clients in their 20s and 30s… focus on the short term, with much fear stemming from considering what might happen next year.” To reassure them, she reminds them that “over the past 10, 20, 50, and 100 years, the average return of the S&P 500 has ranged between 8% and 11%.”

Similarly, market downturns that worry investors are actually golden opportunities to create wealth and are among the best ways to invest funds. Thus, Buffett famously advised, “Be fearful when others are greedy, and greedy when others are fearful.” Keep buying, and you’ll enjoy bargain prices.

This echoes Jen Swindler’s sentiment that “consistency is key to financial and investment success.”

Expert Tip #3: Diversify and Stay Focused

Another principle of effective investing is diversification. An essential risk management strategy is to avoid putting all your eggs in one basket by creating a portfolio that includes different types of investments.

So, the best way to invest funds isn’t to invest in a single asset class (such as stocks, cryptocurrency, or real estate) but to make diverse investments.

You can also invest across multiple countries and industries or in companies of different sizes. Similarly, investing in index funds, mutual funds, and exchange-traded funds, which often hold stocks of dozens (sometimes hundreds) of different companies, is a simple way to diversify.

If done well, this process can limit the financial impact of investment mistakes. Conversely, failing to diversify is like betting everything on black.

From there, the best way to invest funds is to stay focused, no matter the challenging economic situations like recessions. Erik M. Baskin, CFP and founder of Baskin Financial Planning, suggests that you should “continue to invest in a diversified portfolio while… ignoring the value and news of the portfolio.” He points out, “For long-term investors, economic recessions and inflation periods are just distractions that may steer you away from long-term goals.”

This confirms Nick Covyeau’s advice. He suggests investors should “take a step back and let investments work for you!” Checking or modifying your investment decisions daily or weekly will surely increase anxiety and may lead to poor market performance.

Expert Tip #4: Asset Allocation

Diversification falls under the realm of asset allocation. Investor.gov states that it involves “dividing your investments among different assets, such as stocks, bonds, and cash.” In other words, you’re deciding what goes into your investment mix; where you’re putting your money into the market.

We could write a whole article on this topic, but here’s the TL/DR version: the best way to invest funds is through diversified allocation that suits your risk tolerance and makes sense for your available time in the market.

For example, the allocation for an optimistic twenty-something looking to become a millionaire as soon as possible would look very different from that of an octogenarian looking to leave the largest legacy possible to their family.

The former wants (and, given time on their side, is capable of) actively investing and taking on more significant risks. Their asset allocation might be filled with new IPOs, small-cap stocks, and high-yield bonds—assets promising hefty returns at high risk. In contrast, the octogenarian might focus on capital preservation. Avoiding losses, their allocation might include U.S. Treasury bonds, Series I Savings Bonds, and real estate.

Sean Polley, Private Wealth Manager and CEO of Polley Wealth Management, supports these ideas. He tells us, “The key to successful investing is ensuring your portfolio is diversified and properly allocated based on your appropriate risk level, achieving diversification in high-quality investments.”

Expert Tip #5: Harness the Power of Automation

Continuously committing to long-term investments isn’t easy, especially during market downturns, when it’s easy to sell stocks, abandon assets, and reduce risk. The solution?

One of the best ways to invest funds is through automated investing.

As Joe Dunat of Sturkie Wealth Management Group puts it, “When you know the next influx of funds is coming, your reaction to market turmoil is often much smaller. Is the market down? No problem; you’ll buy it at a discount. Is it soaring? Great, eager to buy more winners.”

Alexis Woodward of Blend Wealth echoes these sentiments. Their advice is to “automate savings as soon as possible.”