Investing With Purpose
If you don't know the amount of debt that you have
, it will be difficult to think of a strategy to pay it off. It's hard to develop an appropriate investing strategy if you don't have goals for investing. If you don't have a goal to invest in, you can't very well measure your success in reaching it.
People invest for many reasons. Saving for retirement is a common reason to invest. People generally want to spend the last years of their life relaxing. The only plausible way for a person who is not independently wealthy to have money when they retire is to invest money.
A short-term financial goal could be another reason to invest.
Short-term goals and investing
Short-term financial goals are also common. Short-term investments include buying a new vehicle, going on a dream vacation, or buying a house.
Long-term and short-term goals both have specific strategies that need to be understood.
If another income is what you want, your investment portfolio should have a mix of short and long term investments that pay dividends. It might contain low-risk, high yield bonds.
You must decide on the amount and time you will need the money. You can develop a strategy with that information.
If you aren't beginning with a lot of money, short term investments will be harder. With the higher levels of risks that come with short-term investments, there are also higher opportunities for high returns.
Investing and Long Term Goals
You can create more money or your retirement if you start early. A person who starts out investing early can recover from losses and take bigger risks that could result in higher rewards.
You should take less risks when you approach retirement years. Lower risk investments have lower rates of return, but will increase steadily.
Retirement investment portfolios contain a mix of stocks, bonds, debt securities, index funds, and money markets. Your company may sponsor retirement plans. It will help to stretch your own investment money further.
When you get older, you'll want to move your investments into a guaranteed investment so your money will be accessible.
by: Michelle Walton.
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