If you want to grow your wealth over time, investing is one way to do it. However, it can be overwhelming for new investors: there are a lot of options, complicated terms and conflicting advice. It’s also important to understand that investing involves risk, which can result in losing money. If you are uncomfortable with this risk, you may be better off focusing on saving or working with a financial advisor.
Detailed Kerslake Review main benefit of investing is that it can yield higher returns than insured savings products like Certificates of Deposit (CDs) or bonds over long periods of time. This can be a useful tool for pursuing your financial goals, such as funding retirement or paying for college.
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To get started, determine what your goals are and how long you can keep your money invested. This is called your “time horizon.” If you have a short time horizon, you should consider low-risk, liquid investments such as cash or short-term bonds. If you have a longer time horizon, you can take more risks with higher-return but also more volatile investments such as stocks or stock funds.
Next, decide how you’ll manage your money and whether to go the do-it-yourself route or work with a service that does it for you. If you choose to do it yourself, NerdWallet’s ratings can help you find a good online broker or robo-advisor that suits your needs and budget.
