There are over 20,000
mutual funds, not to mention individual stock and bond offerings. So finding your ideal investment is literally
a daunting task. Over the rest of our
blogs we will intermittently offer some hopefully useful advice on where to
park your money. Let us begin.
I ALWAYS ask my clients
(prospective clients alike) “What are your objectives?” When investing this is a must. However, it’s not good enough to say “hmmmm
well I’d like to invest to make a lot of money.” Hello!
Don’t we all?! What you need to
do in my opinion is to target a specific goal.
I must warn you though it must be a goal you have a burning desire to
achieve. A good example would be I want
to own a home. Or if you are already a
homeowner, your objective might be to purchase a vacation home. The idea being make your goal specific as
possible and have a burning desire to accomplish that objective.
Next I’d ask, what time
frame are you looking to toward realizing this goal? Additionally will I finance it? How much
money will I need to make a down-payment.
I’m sure you’re getting the idea.
So to summarize, you define a specific goal, determine how much money
you will need and allocate a specific time table for realizing this goal.
Over the various posts we’ll
be making we will show you how to select the best investment to realize your
goals. I might add you should always put
these goals in writing.