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It may seem mad to invest for the first time given stock markets have sunk heavily over recent weeks. However, current market conditions will appeal to many investors willing to take some risk, and with a longterm time horizon. Of course, no-one can say with certainty which way the market will move next, and there are no guarantees of returns. Yet history shows that markets often recover over time, sometimes sharply, and investors can usually benefit from the upswing.

Here, we consider some tips to get started.

1. Know your goals

You will need a relatively long-term aim to give your investments the time to ride out any market volatility. Perhaps you wish to save towards retirement, for example, or your children’s future. Focusing on your goals will also help you to avoid selling out during short-term market falls.

2. Consider a ready-made solution

It’s wise to choose a spread of investments – including equities, bonds, and cash – as different assets behave in different ways to even out returns. But if you are a beginner, this can seem a daunting task. One way to simplify the process is by choosing from a ready-made investment portfolio tailored to your personal needs and risk profile. Plenty of wealth managers offer portfolio services. This way, you know your money is spread across a diverse range of investments.

3. Set up regular investments

You don’t need a large sum to start investing. Drip-feeding what you can afford each month – or gradually whittling away a lump sum - may be particularly beneficial during times of stock market turmoil and economic uncertainty. If the market falls, your money buys more shares at a cheaper price, or fewer shares when the market rises. Over time, this may help to smooth stock market volatility.

4. Use your tax allowances

Remember your individual savings account (ISA) allowance, which renews on 6 April. This amounts to £20,000 for the 2020/21 tax year. You can place your investments in this tax-efficient wrapper to benefit from tax-free income and gains, which could build a substantial investment pot over time.

5. Manage your emotions

Letting your emotions dictate your investment decisions isn’t the sensible route to returns. It’s understandable to experience some jitters if the stock market falls, particularly as a first time investor. So hold your nerve, and once you’ve dipped your toe into the market, stay there.

The value of investments and any income from them can fall and you may get back less than you invested. Past performance is not a guide to future performance and performance.