New Investors Listen Up!
Investing can be a great way to build wealth, but as we all know, it’s unpredictable. For this reason, many people shy away from putting money into the market. But you’ve done your research and decided to give it a go. Whether you’re lost and need direction or just want advice from experienced investors, keep these 5 tips in mind when you start investing.
You’re probably investing with a purpose. Whether it’s a new home, retirement savings, or a lavish vacation, you may have an idea of what the money will go towards. Knowing what you’ll spend it on and when you’ll need it allows for a customized plan to potentially make the most out of your investment.
Think Long Term
While it’s not wrong to have short-term investment goals, focusing on the long-term allows for more opportunity and potential growth—especially if you want a large return. If you plan on pulling an investment within 5 years, try taking a portion and investing it long-term. Even if you don’t have plans for the money, allowing it to sit gives the investment more potential.
If you’re clueless about how the market works, remember this: it’s wild. Often, it’ll swing up and down for a few days or weeks and then return to a steady pace. If you experience extreme drops overnight—don’t panic! If you feel concerned, consider speaking with a financial professional for advice.
Sometimes the market crawls, or even worse, doesn’t move. If your investment isn’t growing as fast as you’d hope, try letting it rest. Stop checking it as often and let the market do the work. Constantly monitoring your investments can hurt your growth because you may be inclined to make moves when you shouldn’t.
Seek Professional Advice
Work with an expert. Financial professionals such as advisors and consultants are trained in studying the market. While they can’t predict the future their education and experience can produce knowledgeable advice. Good financial professionals should present strategies and explain them for you to understand. They should be available for your questions, no matter how minor.
Whether you’ve started investing or not, you need a trusted expert. At RGA, our fiduciary-backed team is made up of skilled financial consultants, retirement planning masters, a tax specialist, attorneys, a client service coordinator, and much more! Let RGA help you reach your investment goals—click here, call 1-800-467-8152, or email email@example.com to schedule a complimentary consultation to chat about the best investment path for you!