Investment Do-Ask an Outsider
When looking at an investment, ask an outsider with knowledge. If you ask your account holder they most likely will tell you to go for it. Why? Because they make money off of it. It’s like asking the oil change garage if you need to rotate your tires? Of course they’ll say yes. It’s more money in their pocket. Instead, by asking an outsider with knowledge about it, you’ll receive an honest answer.
Do Be Credit Savvy
Credit is important in everything, including investing. As interest rates begin to climb, you need to be more credit savvy now than any time in the last several years.
Do Create a Plan
While you shouldn’t set money goals based in time, you should have a plan. So, when you start from point A and reach point B, you know what to do to reach point C.
Do Your Research
Make sure to put in your research. The more prepared you are about a specific investment opportunity the fewer risks will come up and surprise you.
Do Pay Attention to Fees
Fees can really start to add up when you look at investing. These kinds of fees are liable to end up costing you hundreds, if not thousands of dollars annually. All of this is money that should be in your pocket, but it isn’t. So, look carefully at the fees and see what they are going for. This also means you need to read the fine print on the paperwork. It may just end up saving you a large sum of money.
Do Take Risks
It can pay off to take risks. If signs point to yes, but it isn’t for sure, take some risks. The ones that pay off more than pay for the ones that don’t.
Do Play Catch Up
If you started investing late, that is all right. It never is too late to start investing, so do what you can to catch up.
Do Remember Taxes
This is something that can really catch up with you later. Depending on the investments you may need to pay only when you withdraw and cash in investments or whenever interest is gained. Put money away for taxes to protect yourself.
Do Contribute
Always contribute to your retirement funds and if your employer offer a matching investment opportunity make sure to take it.
Do Keep Your Job
Perhaps you strike it big on an investment. It is a great feeling, but don’t quit your job. You never know when another investment might go way south.