PORTSMOUTH, Va. (WAVY) — If you’re looking to get into the investment world, it’s important to know what your financial situation looks like.
Margaret Taylor with Bayport Credit Union says knowing why you want to invest is just as important as where you put your money.
At the end of the day, an investment is meant to be a long-term decision that grows money over time, Taylor says. When you try to make a quick buck, you add risk to your portfolio.
“There are some great investments where you go there, and it’ll shoot up, but you can make a decent return. However, there are no quick investments to have that overnight success. When you talk about investments, you have to realize that is longterm. Nothing is immediate to see that quick return,” Taylor said.
Another question to answer: what do you invest in? There are many options, like the stock market, a brokerage account, a 401(k) through your employer and an IRA account.
Each provides different pros and cons, Taylor says, diversifying your investments is a smart route to take.
“Individual stocks have a higher risk than mutual funds. Mutual funds are a bucket of individual stocks in one portfolio, and you have fund managers that manage it,” Taylor said. “That is a way that you can invest in several companies at one time.”
If you are looking for advice or a guide into the investment world, a financial adviser could be a helpful tool.
“It is very important, especially when you are planning for the future. When you are seeking to make sure that you and your family are taken care of. It’s important to have that financial adviser to set you up on the right path,” Taylor said.
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