In 2024, watching the news may feel like a tumultuous ride on a sketchy roller coaster at a local fair. The state of the economy, housing market, and stock market is uncertain and unpredictable. However, despite the chaos, your Fresno financial advisor will discuss how now is actually the best time to take control of your finances and start saving for the future.
While investing may seem like a daunting task, it is much easier to get involved than you might think. This guide will provide you with everything you need to know to get started on your investing journey. We will take you through a step-by-step plan that will set you up for success at the starting line of investing.
Investing in your future can be intimidating, especially when it involves long-term effects on your finances. However, don’t give up just yet because anyone can invest, including you. Here are seven simple steps, along with some basic information on investing, to help you get started.
Just as we emphasize the importance of knowing your “why” when it comes to getting out of debt, having a clear goal in mind is crucial for successful investing. What motivates you to invest? Is it for retirement savings, your children’s college fund, or a down payment on a house? Clarifying your reasons for investing will guide you in the next step, which is to…
Your personal savings rate plays a significant role in your retirement savings, and research shows that it is the most critical factor in successfully saving for retirement.
However, always prioritize saving 15% for retirement over other goals. Just imagine, if you invest 15% of your income annually for 30 years with an average return rate of 11%, you could amass millions of dollars due to the power of compound growth.
The next step is to decide where to invest your money. You have various options for investing accounts, also known as investing vehicles. Different types of investing vehicles, such as IRAs or 529 college savings plans, are designed for different investment goals.
Once you have determined the type of investing account you want to open, you will need to choose your actual investments. There are numerous investment options available, but we recommend good growth stock mutual funds for consistent and long-term growth.
Choosing the right mutual funds is a critical step in achieving your financial goals. By understanding different fund types, assessing risk and return, and considering key factors, you can make informed investment decisions. Your financial advisor in Fresno, Ca is committed to helping you remember to conduct thorough research, analyze performance metrics, and diversify your portfolio to optimize returns and manage risk.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.
