In the world of investments today, there seems to be endless strategies designed to help you make the most of your investment dollars. With all the options available, you could easily become overwhelmed. While there are always new ideas to consider, it’s often better to go back to the basics when seeking results. The following are some simple tips to consider. Start early. The earlier you start investing the better because of the benefits you can receive from compounded returns. By reinvesting your returns, you may actually earn money on both your original investment and any growth you experience as well.
Prioritize your long-term nest egg needs. It’s important to put your goals in order of importance and decide how to finance them. Most will be financed through savings, but others may require some debt. For example, you may realize you can’t save for both retirement and college expenses. Borrowing to pay for college is most likely a better option than borrowing to pay for post-retirement expenses.
Pay yourself first. Save before you spend rather than trying to save what’s left after you spend. One way is to set up a process that systematically deposits money into your investment account on a regular basis.
Participate in employer-sponsored savings and retirement plans. Using pretax contributions to your employer-sponsored retirement plan — such as a 401(k) — can pay dividends, and if your employer offers a matching contribution, you’re getting paid to save.
At Clark & Goshow Financial Strategies Group, we take the time to get to know you and understand your needs. We’ll look at your complete financial picture and create a back to the basics plan using our Envision process. The Envision process approach will help identify where you are financially, where you want to go and how you plan to get there. Call or email us today, to begin “Envisioning Your Tomorrow”.