Stocks, bonds and mutual funds can be quite a challenge. Here are
the following tips to build a profitable portfolio.
Know your goals. Consider how much money you’ll need for your
children’s education or your retirement. Whatever your vision for the future
might be, set your goals and develop a concrete plan for meeting them.
Define your investment time horizon. If you’re not planning on retiring anytime soon, you might want to have a portfolio that includes more long-term investments. If retirement is just around the corner, consider a more conservative approach.
Determine your
risk tolerance. Figure out your risk comfort level and compare that with what
you can afford. In general, the longer you have to invest, the bigger risk you
can take.
Consult a
professional. In order to avoid financial pitfalls later on, it is often wise
to seek professional guidance when putting together a portfolio.
“Recent research
shows that investors continue to grapple with some of the most basic investment
concepts, suggesting a greater need for financial advice and guidance,” said
Doug Lockwood, a certified financial planner.
Combining
educational tools, advice, market insight and investment products, On Plan
Investing helps investors develop a personal investment strategy, whether they
are new to investing, seeking guidance but still want control over their
investment mix, need help positioning their portfolios with a long-term
perspective or need help understanding how the markets work.
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