Tips for looking after your money
Listed here are a few investing tips that can make a huge difference in your life style and retirement. The key to any investing strategy is too start early. You’ll read it here and you’ll read it often in other financial websites and magazines as well as on tv.
The sooner you start the better off you’ll be. Let’s look at a few examples below.
If you limit your choices only to what seems possible or reasonable, you disconnect yourself from what you truly want, and all that is left is a compromise.–Robert Fritz
1. Hands down, this is numero uno, Invest in a 401k or other retirement plan now!
2. Be aware of inflation. What you pay for today will not be what you pay for in the future. Expect prices to double in the next 20 years or so.
3. Contribute the maximum of your retirement plan at work. If not at work then open an IRA with Vanguard or any other company.
4. Don’t cash in your 401K if you leave your job. Get in contact with your bank or company like Vanguard and rollover your money into an IRA account. Or leave it at your old job until you get settled in at your job and transfer it over into their retirement plan.
5. Invest in stocks, stock has best chance of growing your money fast.
6. Always keep an eye on your investments, check them regularly and make sure that you’re diversified. The market changes all the time. Check your accounts at least once a year or more.
7. Invest in Real Estate; stay on top and always be on the lookout for a good investment. Now is the time to watch out for huge deals because of the current problems in foreclosures. Research your local market and always make sure you’re not getting in over your head. Don’t buy real estate at the peak.
8. Invest in energy and agriculture stocks. These industries expected to grow substantially in next 20 years. There is a bull market in commodities right now so learn more about them. Countries like China and India are growing at 10% a year or more so the demand for these commodities is huge.
9. Avoid Get Rich Schemes on the Internet, so much time, money and energy is wasted in trying to get rich quick. It doesn’t happen and it won’t. Be patient, start slowly and continue investing, that’s all there is to it. Read and learn all the time, watch what people are talking about, what are the latest trends, alternative energy comes to mind. What a great investing tips, huh?
10. Do not get into credit card debt. Keep one or two handy just in case of an emergency. If you can’t afford it, then don’t buy it. Do you really need it or do you want it? If you choose the latter you’ll be in debt for a long time.
11. Always invest in your education. Investing in your passion, career or hobby can be one of the best investments you can make.12. Teach your children about money at an early age. Don’t let them get into trouble, click here for some great investing tips for kids -