They say the best time to plant a tree was 20 years ago. The second-best time? Today.
It is the same with investing.
If you're starting your investing journey later than planned — perhaps in your 40s, 50s, or even 60s — it can feel like you've missed the boat.
But the good news is that there's still time to build meaningful wealth with ASX shares if you take a smart and disciplined approach.
Here's what to focus on if you're getting started a little later than most.
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Set your goals with ASX share investing
It is important to be clear about what you're investing for. Are you looking to supplement retirement income? Build a lump sum? Or just create some extra financial flexibility?
Once you've got your goals and timeline set, you can start choosing ASX share investments that align with them. If your time horizon is shorter, you may want to tilt towards more stable, income-generating shares. If you've got a little more time, a mix of growth and dividends could serve you well.
Stay diversified
When you're starting later, there's less room for trial and error. Diversification becomes even more important.
The good news? You don't need to build a 30-stock portfolio to get there. A handful of quality ETFs can provide broad exposure to sectors, geographies and asset classes.
For example, the Vanguard MSCI Index International Shares ETF (ASX: VGS) offers exposure to global developed markets. Whereas the iShares S&P 500 ETF (ASX: IVV) taps into the strength of the 500 most valuable companies on Wall Street. And the Betashares Australian Quality ETF (ASX: AQLT) or Vanguard Australian Shares Index ETF (ASX: VAS) give you a solid foundation in local blue-chip stocks.
Dividend investing
If you're investing later in life and want income, dividends are your friend.
ASX shares like Coles Group Ltd (ASX: COL), Telstra Group Ltd (ASX: TLS) and Sonic Healthcare Ltd (ASX: SHL) can provide reliable, fully franked dividend income. Pair them with a high-yield ETF such as Vanguard Australian Shares High Yield ETF (ASX: VHY) and you could build a passive income stream that grows each year.
Reinvesting those dividends in the early years can give your portfolio the compounding boost it needs — even if you're starting late.
Be consistent
Market volatility is a reality of investing, no matter your age. The key is to stay invested, keep adding to your portfolio regularly, and avoid reacting emotionally to short-term market movements.
Dollar-cost averaging — investing the same amount each month regardless of market conditions — can help smooth out your entry points and reduce the risk of investing a lump sum at the wrong time.
Use superannuation to your advantage
If you're closer to retirement, superannuation might be the most tax-effective place to invest. Consider making extra contributions if you're eligible. It could also be worth talking to a licensed financial adviser about strategies like salary sacrificing or catch-up concessional contributions.
Foolish takeaway
It's never too late to start investing with ASX shares. With a mix of quality businesses, smart ETF exposure, and consistency, you can still build wealth — and even generate meaningful income — in the years ahead.
