What You Need to Know Before You Can Grow Your Money

Everyone says, “Invest your money!” They’re right. But don’t make a move until you read this article.

You see, many people choose to blindly invest their money. For example, their friend gives them a “hot tip” in the stock market, so they sink a few thousand dollars on a risky and volatile start-up company stock. Or they decide to yank out their life savings and invest it in their business. Or they sink money into real estate because they hear flipping property is lucrative.

Are these viable ways of investing your money? Sure. But only for the right person. If you put these investment strategies in the wrong hands, they’re disastrous. And if you don’t execute your strategy the right way, you’ll lose money.

And that’s because your investment strategy needs to be suited to your lifestyle, your personality and your investment goals. If risky investments make you more nervous than a long-tailed cat in a room full of rocking chairs, then you need to avoid aggressive, high-risk investments.

On the other hand, if you’re comfortable with risk and if you have plenty of time to save, then including high risk, high reward investments in your investment portfolio might be right for you.

Before you invest in anything – whether by pumping more money into your business or buying real estate or buying stocks – consider these factors:

* Your age. If you’re standing on the threshold of retirement, it doesn’t make any sense to invest in high-risk ventures. If you lose your money, you don’t have enough time to earn it back. But if you’re still young (under 40), then you can balance your portfolio with low, medium and high-risk investments.

* Your goals. What are you saving for, how much do you need, and how quickly do you need the money? Obviously, the answers to this question will affect your investment strategy.

For example: If you need $10,000 to help pay for a wedding in a year, then doing something like investing in your business and putting the resultant earnings in a high yield savings account makes sense.

Another example: If you need to make a million dollars for your retirement in 20 years, then you’re going to need to choose to invest more aggressively in order to make that money.

* Your risk tolerance. Finally, one of the last major factors you need to take into consideration is your own personal tolerance for risk. Specifically, do you worry about money? Do you feel comfortable risking it?

You see, it’s not a good idea to invest in high risk, high-reward investments if worrying about your money keeps you up at night and gives you an ulcer. If just thinking about certain investment strategies makes you break into a cold sweat, then you need to find a strategy that can grow your money without you worrying about.

Once you’ve assessed your “investment personality” using the factors above, you’re almost ready to start investing. But before you can watch your money grow, you need to first discover the secrets of plugging up the money leaks that are currently draining your bank account. And you can learn these secrets and more – for FREE – by going to the Wealth Upgrade Club now!

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Friday, November 13th, 2009 at 12:04 am and is filed under Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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