The Best Ways to Invest Money
Anyone with a healthy savings account and enough income to set aside a few dollars each month can afford to invest.
Don’t fall into the trap of thinking that investing is reserved for the already rich.
However, we all have drastically different financial goals and mindsets;
In the advice that follows, I’ll outline the main factors to consider when starting on your investment journey, along with the best approaches for different situations.
What to Consider First
Most people want to jump straight into figuring out the hottest new investment opportunity, But this is the wrong approach.
I’ll break things down into some questions you should be asking yourself:
What are your financial goals?
What’s your investment timeframe?
How much risk are you prepared to take on?
We’d all like to have more money. But what exactly do you want it for, and how much are you going to need?
While investing your savings instead of leaving them sitting in a checking account will (almost) never be a bad idea,
this method will be less effective if you don’t have a clear picture of what you’re heading toward.
Once you know your financial goals, it should be pretty straightforward to figure out the kind of timeframe you need to be investing over.
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