Finance: Getting Started
(NC) - If you don't know where you're going, how are you going to get there? Before you start to invest, think about what you want to accomplish with your money, and when you want to accomplish it. Consider the following when creating your investment strategy:
No two investors are exactly alike. If you are retired, you may need a regular, reliable income to fund your retirement. A young investor with a stable income may want to grow their money over a long period of time to eventually buy a house, go back to school or retire. Create a financial goal that reflects who you are.
The amount of risk you are prepared to take with your money affects your investment strategy. Higher returns come with a greater risk of losing some or all of your money. To determine your risk tolerance, ask yourself:
. How much time do I have to meet my goals and make up for any potential losses?
. How much do I rely on my investments to meet my daily expenses?
. What is my emotional response to risk?
For more information on investing basics, order a free Basics of Investing brochure from the Ontario Securities Commission. Call the OSC at (416)-593-8314, or toll-free at 1-877-785-1555. For more tools to help you plan your financial future, check out Focus On. Investing Basics at www.investorED.ca
- News Canada