Step 4 of Building a Solid Financial Foundation by Chantay Moore
Now, let’s talk about the fun side of money, investing! Often times, when I meet with new prospective clients, the first thing they say is “I want to invest my money!”. While I appreciate their enthusiasm, I have to remind them, Investing is the 4th step of building a solid financial foundation, not the 1st. What good is an investment account that might have to eventually be liquidated in the event of a premature death or to meet an emergency that you didn’t have the funds to pay for?
Now that we got that out of the way, let’s get an idea of what is involved in the world of investing. First of all, there are no one size fits all investment strategies. Every person’s circumstances are completely different and require a unique investment strategy. Just because an “investment” worked for your next-door neighbor or the co-worker that sits in the cubicle next to you, does not mean that it will work for you. Secondly, you need to become properly educated on the different ways you can invest your money, the different types of investment accounts there are, and the different types of investment options that go inside those investment accounts. Another consideration is how will you be taxed on your investments. Will you be taxed now, taxed later, or maybe taxed never? We also have to determine what’s the best strategy for you considering your savings budget, time frame, risk tolerance, need to access investment money, and financial goals. As you can see, investing isn’t just throwing money into the stock market and seeing what happens, it’s about being strategic and wise. Talk to one of our licensed financial professionals to see how we can assist you with creating and implementing your personal investment strategy: https://www.nafls.com/financial-advising-services/
Want to see if this strategy makes sense for you, talk to one of our licensed financial professionals: https://www.nafls.com/financial-advising-services/
Please feel free to reach out to Chantay Moore directly at:Facebook.com/nativeafls