Purposeful Investing
Without knowing the amount of debt you have, it will be nearly impossible to find a way to pay it off
. It is nearly as difficult to put together an investing strategy if you don't have reasons for investing. How can you measure your success if you don't have an investment goal to reach.
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.
Another common reason is to reach a short-term financial goal.
Short-term goals and investing
Short-term goals are just as important as a long-term goal like retirement. Buying a new vehicle could be the catalyst.
Understanding you purpose for investing makes strategizing easier.
Your investment portfolio should have a mix of short and long term investments that pay dividends if your goal is to have another income stream. It should 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.
Short-term investments might be harder if you aren't beginning with a lot of money. Short-term investments have higher risk levels, but also better possibilities 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.
As you approach retirement years, your long term investing strategy should be less risky. Lower risk investments won't have as high of rates of return, but will steadily increase.
Investment portfolios for retirement contain a mix of stocks, bonds, debt securities, index funds, and money markets. If your company sponsors retirement plans, you should look into them. It will help build your nest egg.
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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