I knew the strength of investing, but I assumed that my contributions would automatically be put on the stock market. After questioning the growth of my account, I realized that my money was not being invested and that my investment opportunities were limited due to where I opened my account.
Here are some takeaways. First, research and consider opening one broker account at a company that best suits your needs. Then make sure you understand how to make investments in your account. Choose options that suit your risk tolerance, or work with a professional who can help you make those decisions.
3. I did not create a long-term game plan
It’s never too early to start thinking about your future goals. A Roth IRA has no age restrictions, but you must have earned income to make a contribution.
When thinking about your retirement goals and your game plan for success, ask yourself the following questions:
- Do I expect to make more money in the future, making it easier to make bigger contributions?
- When will I retire?
- What type of life do I want to live during retirement?
- How much money do I need to get a comfortable pension?
- Does my risk tolerance match my long-term expectations?
- How much do I need to save and invest today to reach my long term goals?
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