Start Making a Plan
Now that you know the type of person you are, and the type of investing that may be best for you, it’s nearly time to actually start investing. The world of investing is vast and promising, and by looking through it a little at a time, you’ll find things that spark your interest. However, before that, it’s good to start making a plan.
You’ll always end up somewhere if you don’t know where you’re going, but more than likely it’s not where you want to be. It’s important to understand what your goals are in order to start making an investment plan. It can be as simple as having more money, wanting a secure retirement or buying a house. Its crucial to that future to create those goals, outline how to get there, and then follow that plan.
The easiest goal to set is a dollar value. Think to yourself, “By this time, I’d like to have this much money,” or “this is the kind of house I want and this is how much I need to have to make a down payment.” Fidelity actually has a great set of tools to help you calculate what you need and how to get there on the planning section of their web site. Sit down, write it out, and make it real!
BONUS TIP: There are also retirement planners online, such as the Yahoo! Retirement Planner and MSN Retirement Planner that can help you understand how much money you may need in the future. Here are a few: