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Money Minute
Quick Tips
Smart Investing is Tried and True
Money Minute
These tips may not be new or exciting, but they can help you build a solid financial future.
 

It’s easy to get carried away by what’s new and exciting, but we have to be extra careful when it comes to investing. Temptations can range from day trading stocks to buying virtual coins. But for most of us, investing isn’t going to be exciting or glamourous. Instead, it will be basic, but tried and true.

We’ve long been told that it’s better to start investing when you’re younger than to wait until later in life. This isn’t a new or trendy concept. The idea is to maximize the time your investments have to potentially take advantage of compounding.

Another basic idea is to automate your investing. Many people participate in some kind of monthly investment program such as an employer’s 401(k) or 403(b) plan. If you don’t have access to an employer sponsored retirement plan, you can set up an individual retirement account (IRA) on your own with a monthly deduction.

Finally, if you get a raise, consider increasing your monthly deductions. You won’t really feel the difference in your take-home pay, and you’ll reinforce your progress with your savings. Likewise, if you’re fortunate enough to receive a financial windfall, consider using a portion of that to boost your retirement savings.

Smart investing may not be thrilling and glitzy, but it can help you build a solid financial future.




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