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Four Steps to Take Before You Invest Another Dollar
There are four steps that we believe EVERY investor should take RIGHT NOW.
Regardless of how you feel about investing today, there are four steps that we believe EVERY investor should take RIGHT NOW. We really do believe these steps apply to everyone, no matter how experienced of an investor you may be, and no matter how you feel about the market.
Step 1: Clean up your personal balance sheet
Before you put any real money into investments, you must first pay off your high-cost debt.
Step 2: Know your investment time horizon
The length of your investment horizon will have more of an impact on how you should be investing than you probably realize.
Step 3: Understand your risk tolerance
If you’re comfortable zig-zagging your way to big-but-volatile investment gains, invest in riskier assets. But if you prefer sleeping well at night, pick safer vehicles.
Step 4: Clearly define your investment goals
Your personal balance sheet is cleaned up. You know your investment time horizon, and how much risk you are willing to stomach. Now it’s time to ask yourself—what am I investing for anyway?