Let’s face it. A lot of people are scared of investing because they feel like they are putting their hard earned money on the line. While there is some form of risk to investing, you can reduce your risk by diversifying your portfolio. If you don’t want to become an active investor in the markets, Agora Financial can help you with that. Most Americans want to live a comfortable retirement with a lot of money but they don’t want to do what it takes early on to invest. If you step back for a moment, it is kind of contradictive. The markets have historically been in a bull run with little recessions and hiccups here and there. Generally speaking, your money will most likely grow over time if invested well. However, there are some basics that we need to go over when getting started with investing.
- Set investing goals
Just like anything in life, you must goal and have a plan of reaching that goal. If you don’t, your goal is merely a wish. At the beginning of each month, you should write down your investing goals and your plans for accomplishing them. How much money are you going to set aside each month? What are you going to invest in? How are you going to invest the money? These are all questions you must ask yourself. When it comes to investing, you should never invest in something you don’t understand, you should never invest based on someone else’s opinion, and you should always have a detailed plan that you can execute on when it comes to your investments. Remember, sometimes the best investment you can make is no investment at all. Follow these rules and you should find success
- Long-term investing
Two financial vehicles that I would highly recommend would be a 401k and a Roth IRA. With a Roth IRA, your money will grow tax-free for years and years, allowing itself to compound over time. As with a 401k, your employer will typically match your contributions up to a certain amount. In the end, it’s always a good idea to play it safe and manage your risk.
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