Best Place to Invest Money
Everyone knows they should invest their money but so few actually know how.
With so many options how do you know where the best place to invest money is?Unfortunately there's not a cookie cutter answer.
The best investment strategy is dependent on what it is you're expecting to get out of your investment.
Are you looking for short-term gains, in which case you better be a gutsy and aggressive investor, or are you looking for a more long term strategy to secure your retirement? If, like most people, you're looking to ensure you've saved enough money for your retirement so you don't have to be the Wal-Mart greeter in your golden years then a 401k is your first and more obvious choice.
If your employer offers a 401k program and you're not already investing, talk to them about the terms of the plan.
Some employers even offer a dollar for dollar match on your investment.
How can that not be the best place to invest money?Want to know how to turn a dollar into two without lifting a finger?Set yourself up to automatically transfer money from your paycheck to your 401k.
Really folks, it doesn't get much easier than that.
Plus, 401ks also offer tax deductions and tax deferrals.
Here that?Yeah, that's the 401k train and it's time to hop on! Another of the safer places to put your money is in CDs or Certificate of Deposits.
They are similar to putting your money in your savings account but CDs have a better return.
With a CD though, make sure you only put in money you won't need for the term of the CD.
Unlike a bank account, you can't pull out money when you want to, which might make it a better savings strategy for all you shopaholics that have dipped into your savings because you would just die without those new shoes.
A CD will tie up your money for the entire length of the term, anywhere from 3 months to five years.
The longer the term on your CD the higher your fixed interest rate will be.
At the end of your term, don't be tempted to take that money and run.
Put it back into another CD.
It could mean the difference between laying on the beach in retirement or handing out carts at Wal-Mart.
The best place to invest money is going to depend on how aggressive you are.
However, wherever you decide to put it, be it 401Ks or the stock market, remember that the people who make the big bucks from their investments aren't always the smartest people but they are usually the most informed people.
They are also the type of people with the foresight to know when to spend their money and when to invest it.
With so many options how do you know where the best place to invest money is?Unfortunately there's not a cookie cutter answer.
The best investment strategy is dependent on what it is you're expecting to get out of your investment.
Are you looking for short-term gains, in which case you better be a gutsy and aggressive investor, or are you looking for a more long term strategy to secure your retirement? If, like most people, you're looking to ensure you've saved enough money for your retirement so you don't have to be the Wal-Mart greeter in your golden years then a 401k is your first and more obvious choice.
If your employer offers a 401k program and you're not already investing, talk to them about the terms of the plan.
Some employers even offer a dollar for dollar match on your investment.
How can that not be the best place to invest money?Want to know how to turn a dollar into two without lifting a finger?Set yourself up to automatically transfer money from your paycheck to your 401k.
Really folks, it doesn't get much easier than that.
Plus, 401ks also offer tax deductions and tax deferrals.
Here that?Yeah, that's the 401k train and it's time to hop on! Another of the safer places to put your money is in CDs or Certificate of Deposits.
They are similar to putting your money in your savings account but CDs have a better return.
With a CD though, make sure you only put in money you won't need for the term of the CD.
Unlike a bank account, you can't pull out money when you want to, which might make it a better savings strategy for all you shopaholics that have dipped into your savings because you would just die without those new shoes.
A CD will tie up your money for the entire length of the term, anywhere from 3 months to five years.
The longer the term on your CD the higher your fixed interest rate will be.
At the end of your term, don't be tempted to take that money and run.
Put it back into another CD.
It could mean the difference between laying on the beach in retirement or handing out carts at Wal-Mart.
The best place to invest money is going to depend on how aggressive you are.
However, wherever you decide to put it, be it 401Ks or the stock market, remember that the people who make the big bucks from their investments aren't always the smartest people but they are usually the most informed people.
They are also the type of people with the foresight to know when to spend their money and when to invest it.
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