1. Set Goals
Determine how much you will need and when you will need it. Monitor your financial plan frequently and adjust as required, at least annually.
2. Start Now
Take advantage of the “magic” of compounding. While you may always have excuses to put off investing, now is the best time to start, even if you can only afford$50 of $100 per month. It could mean the difference between a frugal retirement and the opportunity to have your money go as far as your plans do.
To help reduce risk, diversify your investments/assets across a spectrum of asset classes.
4. Consider stocks
Historically over time, stocks have outperformed more conservative investment classes and inflation (CPI). Yet, stocks are also potentially riskier investments.
5. Continue systematically, be disciplined and patient
Small, regular payments are a great way to help build your nest egg.
6. Consult an investment professional
He or she can help you develop a plan to help you reach your goals.