April 6, 2010
Every year that passes, retirement gets closer and your savings might not cover your future needs like they were meant to. Investing can be a good option to increase your wealth and grow your retirement account.
“Start thinking about what kind of investor you want to be,” says Diane Young, director of retirement and goal planning for TD AMERITRADE. “Are you somebody who likes to own it and manage it – or are you someone who needs guidance and direction in order to get going?” She suggests getting educated even if you have an advisor – and an EMBA can help you further those skills.
Don’t know how much to invest? Get to know your financial profile and set your goals, says Young. TDA’s WealthRuler helps determine your hypothetical retirement outlook by entering your current income and assets. Plus, how much risk are you willing to take? This quiz will help determine how you’ll handle losing money and your financial capability.
Aim for portfolio diversification, but don’t be fooled by investing trends like the Gold craze. Money Magazine warns that gold isn’t as safe as it seems, from its quick rise in value to its history as a finicky investment.
Need support? Suze Orman’s Save Yourself Retirement Program provides resources to help you become a better investor, whether you are five years away or just starting out - including an online community, Suze’s tips and financial guide.
Bonus PINK Link: Stock market turmoil has many professional women worried about their dwindling nest eggs. Here’s how to take charge.
By Muriel Vega
"Abundance is about being rich with or without money."