Establishing Your Financial Goals

4:45:0

2023-11-07

1254

1- Set goals for your investments. What do you want to do with the money you make from your investments? Do you want to retire early? Do you want to buy a nice house? Do you want a boat?

As a rule of thumb, you're going to want a diversified portfolio no matter what your goal is (buying a house, saving for a child's college education, etc.). The idea is to let the investment grow over a long period of time so that you have enough to pay for the goal.
If your goal is particularly aggressive, you should put more money in the investment periodically rather than opting for a more risky investment. That way, you're more likely to achieve your goal rather than lose the money that you've invested.

2- Establish a timeline for your goals. How soon do you want to reach your financial goals? That will determine the type of investments you make.

If you're interested in getting a great return on your investment quickly, and you are prepared to take the risk that you could also see a great loss just as quickly, then you'll select more aggressive investments that have the potential for significant return. These include undervalued stocks, penny stocks, and land that might quickly appreciate in value.
If you're interested in building wealth slowly, you'll select investments that generate a slower return on investment over time.

3- Determine the level of liquidity you want. A "liquid" asset is defined as an asset that can be easily converted to cash. That way, you'll have quick access to the money if you need it in an emergency.

Stocks and mutual funds are very liquid and can be converted into cash, usually in a matter of days.
Real estate is not very liquid. It usually takes weeks or months to convert a property to cash.

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