Investing 101- Takeaways
By Andrea Young on July 18, 2023
Investing 101
This month, we had Susie Panduku, a Wealth Advisor with Lexington Wealth Management, lead our discussion on the basics of investing. Investing your money can feel overwhelming, especially when you are just starting. Susie discussed the basics of investing and what you should consider before you begin.
Start early
One of the most important things you can do is start investing early. Give your money as much time as possible to grow, and let the power of compounding work for you. Get into the habit of putting money away each month, and as your paycheck increases over time, increase the amount you invest. Some employers will match 401K contributions, so take advantage of that option if available. Ideally, you want to invest as early as possible, but it’s never too late to begin.
Have a strategy
Unfortunately, we cannot predict the future of the markets so having a solid strategy is vital to growing your wealth. When creating your strategy, it’s paramount to know your goals. Are you looking to save for a large purchase like a home? Or is it a long-term goal like retirement? Knowing your time horizon will help you decide where you want to invest. Diversification of your portfolio is another key component of your strategy. It allows you to invest some of your money more conservatively but also invest in asset classes that may have a faster rate of return but might be a bit more volatile. Your financial Advisor can help you create a strategy that best fits your comfort level.
Other Resources
- Click here to see a copy of the slides from our event.
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