Financial advisor offers savings strategies to first-time investors
Experts say consistent investing is key to financial success
InvestigateTV - Investing is an important way to put your money to work for you and build wealth, but many people are unsure of how to begin an investment portfolio.
Danetha Doe, the creator of the website Money & Mimosas, shared her top five ways to get started in investing.
- Set a vision: Having a goal will help drive you in the beginning and weather tough times.
- Know your personal finances: Take time to assess your entire financial picture of cash on hand, debts, retirement account balances, and monthly earnings and expenses.
- Determine which strategy makes sense for you: Everyone has different interests so reflect on what excites you most, whether it is real estate or longer-term investments.
- Research your ideas: Investor.gov has a wealth of free information on all types of investments.
- Execute your plan: Take some form of action, you could start small with only $100 per month, or if you have more cash on hand, $500 or even $5,000 monthly may be the right start for you.
Once you have taken the first five steps, it is important to follow through. Investing consistently is the key to reach your financial goals.
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