For Millennials and investors of any age, there is a need, however, to re-examine this stance, especially in light of the changes in the overarching financial situation.
The time to invest is now
It may seem obvious that younger people have more time for invested money to grow and for their future retirement than older people. Consider this: someone who starts investing in their 40s will have to make three times the amount of money to be able to retire comfortably at age 65 compared with someone who starts investing in their 20s. With time being such an important factor when investing, regardless of your age, the time to start investing is now. Think you are too old? Consider a 60 year old has a good chance to live until 90. That’s 30 years money can be placed into the stock market if that is a suitable investment for someone at that age.
Slow and steady is the way to go
Investing and the potential returns you can make are not about hitting it big. It’s about consistent saving and investing and not letting swings in the market shake you from your investing plan.
Where to start
With thousands of stocks to choose from and various different investment products, it is a daunting task to decide what to buy and when. Make sure you do your research and don’t guess. Some investment categories like real estate, have wide swings. The prudent move is to consult with a financial consultant to find out where to start and what is most suitable for you.
Diversify your holdings
The biggest lesson of the recent financial crisis is that no company is too big to fail, and no company’s stock is a sure thing. Therefore, investors need to minimize company risk and industry or sector risk through diversification rather than putting your investment dollars in one basket – one company or one industry.
Another investment strategy is becoming a bank. See how your home can be converted into a bank to finance key life objectives.
- Take a Look: about bank equity program
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Avoid over-reliance on tech
Tech is good. Tech makes life easy and interesting. In fact, tech goes a long way towards making investing easier. Just make sure that you’re not relying on tech for a majority of your investment portfolio.
Stay focused on your investing goal
Keep your ultimate goal front and center when making investment decisions: financial security. Make a plan on how to achieve your financial security. Make sure to put enough away for emergencies, and keep plugging away until you get to where you want to be.
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