Investment Planning & Creating an Investment Plan...
Before you start investing it’s important to make a plan of action so that you know what you’re doing and where you stand. Investing is important if you want to be able to retire some day in the future. Even if you earn a limited income you can save for your future. Despite the volatile stock market, most people have recovered their losses and then some. Remember investing is a long-term plan.
Determine Where You Are Today
It’s very important to check your current financial status by writing down all your assets, income, and debt. Separate debt into good debt, like student loans and mortgages, and bad debt like credit cards. You can easily use a spreadsheet on Excel, or you can use one of the free documents from Google Docs that are available.
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Set Goals for Where You Want to Be
When you know where you are, you can finally set some goals for where you want to be. Have various goals for 5, 10, 15 and 20 years or more depending on the age you plan to retire. Don’t assume you have to retire at 65 - some people, if they manage their money well, can retire much sooner. Others prefer to retire later at 70. It’s up to you to set your goals and plan for it.
Pay Down Consumer Debt
One of the most important things you can do for your future is to pay down consumer debt. Consumer debt consists of personal loans and credit card debt that has very high interest - usually more than 10 percent and sometimes approaching 40 percent. This type of debt is not good to have and if you think about it, by paying it off you’re earning whatever interest rate they’re charging.
Determine Your Risk Tolerance Level
*This 10 Article Pack on Investment Planning comes with 10 Bonus PLR Tweets!
Investment Planning Articles:
13 Mistakes Beginner Investors Make
Best Investments for Beginners
Creating an Investment Plan
Eight Tips from Investment Professionals
Finding the Right Brokerage Company for You
How to Avoid Problems with Your Investments
Myths and Facts about Investing
Tools to Help with Your Investment Decisions
Understanding Financial Statements
What You Need to Know about Investment Portfolios