Growing your money over time can be difficult when you are juggling life’s commitments and living on a budget that never quite stretches as far as you would like it to. However growing your money over time is the key to building an independent income stream for retirement.
Choosing where you invest your nest egg is one of the most important decisions you can make, in an investment sense it is like choosing a husband or wife, get it wrong and it could be the difference between eating fillet steak or cocktail sausages in retirement.
Here are a few words of advice,
- Asset Allocation – Consider your asset allocation and where your money is actually invested. Different investments have different levels of volatility and expected returns.
- Showing some age – it is generally recommended that you choose investments that have been around for a while, ideally at least 5-10 years. With a proven and established track record the risks are generally lower than an investment than an investment that has only just begun.
- Cost Effective – Whilst you need to pay a fee, it is important that you only pay a reasonable fee, remember though cheap does not necessarily mean better, you wouldn’t visit the cheapest heart surgeon and investing is no different.
- Research – most investments are researched by independent research houses so it worth spending some time looking into the investment and who is behind it .
Goodluck and if you have any questions please don’t hesitate to contact the Main Street Financial Solutions team we would love to help you .