how do i start to invest my money
How do I start to invest my money? As I was working with a financial advisor he told me that the foundation of every great investor is a systematic savings plan. There are so many stories of individuals who just by saving 15% of everything they earned they were able to pull themselves out of the middle class into the type of status where they never have to work another day in their life. Isn’t that awesome! That could be you with a systematic savings plan in place to lay the foundation and some wise investments.
The vehicle that has worked best for me is an IngDirect savings account. I have had the account now for a couple of years and I love the convenience. There is no minimum balance, no fees, and it is currently paying around 3.5% interest. I schedule my IngDirect account to transfer 15% out of my checking when I get paid, so I do not have to think about that money. And when you automate your savings your worth will increase rapidly.
Now, that you have your foundation in place where do you invest that money? You have two choices really you can decide or you can get someone’s advise to help you decide. I have tried both. The first time I tried day trading and lost $2,000 (yeah, it hurt me too), the second time I went to Peachtree Planning, located in Georgia, Tennessee and Alabama. And no you do not have to have a couple hundred thousand dollars in the bank in order to talk to a financial advisor. Their biggest concern is your foundation. They realize that you will be making more money five years from now than you are at present.
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4 Keys for investing:
Plan for the Worst – Make sure you are properly protected because you could invest and earn a 20% return on all of your money however in our sue crazy society, one lawsuit could wipe it out.
More than one Purpose – When investing your money invest it in vehicles like real-estate, residual businesses and whole life insurance that will cause your wealth to grow in several different areas simultaneously.
Rollercoaster Ride – Investing, especially in stocks, can be an up and down process but do not get caught up in the day-to-day stay focused on the overall picture. The alternative to look at the big picture is to do day trading and stare at the computer all day long.
Find the Fruit – Invest with someone who has the fruit on the tree or in other words whose purpose is investing. You will know if it is their purpose by their passion and fruit.
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