No. of Recommendations: 6
Don't panic or give up. There's no semester final tomorrow, and no one is expected to learn most of the beginning basics in half an hour, or even a day or a week. (But it is wise not to put any significant--whatever that means to you & budget & goals--money in any investment until you have an idea as to what your choices are, and understand that it may go up or down or do nothing for months or a year.) Step One: look at your budget, obligations,emergency fund, bills, reliability of current income,savings, and any major upcoming expenses in next 1-10 years. Step two: decide how much you are comfortable with saving for investment. Step three: keep reading and learning, keeping in mind whether or not you are eligible for a 401k or 403 at work, SEP, pension, IRA, or Roth IRA--i.e., what savings for retirement choices are currently available to you. Step Four: what are the costs and safety/risk factors: FDIC insured, brokerage commissions & charges, mutual fund fees and charges, buying Savings Bonds, Treasury Bonds, muni bonds, DRIPS or direct purchase stocks, tax consequences, etc. Find anything you are comfortable with/interested in/intrigued by? Find out more....it's sort of like shopping for a car. You don't buy a volkswagen if you need to haul hay, you don't need to buy from the first person you talk to, if you're watching your budget then you want to know if a specific vehicle will make your insurance & registration go up, and you might consider maintenance, expected life, and possible resale value...the Jaguar may look & ride great, but do you want to pay the price?
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement