By Guest Contributor Peggy Beauregard
There are so many opportunities when considering investing your money…INVESTIGATE
… precious metals, stocks and bonds, mutual funds, real estate, and private investments to name a few. Because you are reading this article, you might even be preparing to actually invest. However, before you do, I want you to remember to INVESTIGATE. It goes without saying that you need to learn about what you want to invest in.
Talking to friends, relatives, and business associates is a good place to start. See what they are investing in. What are they having success with?
Google – Start surfing the net and learning about the various avenues. You may find that your interest is pulled in a certain direction. Read – there are legitimate blogs and publications out there that can help you to understand.
If stocks are of interest, look up what the stocks are doing and how they’re performing, find out what the records have been for the past couple of years.
Precious metals intrigue you – look into what gold, silver, and/or copper is doing. Look into the past to see if there are ebbs and flows.
Real estate peaks your interest. Most cities will have clubs or meet ups where you can learn about the various types of real estate deals and strategies – wholesale, fix and flip, lease to own, owner finance, hold, work for equity, etc. And different from other area, you meet the people who are finding the properties, lending the money and have a wealth of knowledge. They also know the players who are successful and who are not.
The people at these meetings are in the places, which are growing. Do keep in mind; you still need to do the research. Markets change and it is important to know the territory. Use outside sources as people in real estate seem to believe the market only goes up and are shocked when it comes down. You can research the best communities, cities, counties, and states to consider investing. Go to the demographics of the city. Find out if new businesses are coming, if any are leaving, and how the market will be affected.
When choosing the avenue to best place your money, we often enlist the guidance and/or service of experts in their field: financial planner, real-estate investor, stockbroker, and insurance agent.
However, many people fail to investigate the person they are relying on to help their nest egg, retirement accounts grow.
Before you hand over your money, interview your expert and find out what his/her experience is. In other words, INVESTIGATE.
- Get a resume from them
- How long have they been in the field?
- What firm/group have they/do they work for?
- What is their reputation?
- Ask to talk to current clients called referrals.
- Find out what they are invested in
- If you are going to entrust your hard earned cash in their hands, they should be investing themselves.
- Find out about what it is they want you to invest in
- Is it just one thing or several?
- Do they really understand what they are directing you towards? They should know the ins and outs, the ups and downs and the risks. If you ask questions that they are unable to answer, they should be able to get those answers rather than making something up (you can tell when they start blowing smoke – the conviction of what they are saying will be off).
- Can they provide the pros and cons of the investment? Be wary of an expert that insists there is only an upside or sugar coats the negatives.
- Learn if they are interested in what they are offering you or if you have an investment of interest, what they know about it.
- If you approach the person and they keep pushing you in a different direction, then they are probably not the professional for you.
- If they hum and ha discussing the investment you are interested in, look for someone else
- If they are really interested in helping you find the best place for your money to grow It could be:
- If they are pointing you in a different direction, they should be able to explain the reasons of what you want to do may not be best for your portfolio and explain why they are directing differently.
- And if you really want to invest in something that they do not know much about or aren’t interested in, they should feel comfortable telling you so. They would be smart to refer you to an expert who will assist you. (Note: a good professional will know their own limits and understand the value of referrals.)
Leveraging the money you have earned to grow into a substantial retirement nest egg is serious business and should be handled as such. You shouldn’t choose an investment opportunity or corresponding professional like walking into the corner liquor store to get the quick pick lottery ticket. Take the time to seriously investigate and research the product and people with whom you will be investing and partnering.
If you have any questions or wish clarification download personal app: Peggybeau at the Apple app store or Google Play and visit website http://peggybeauregard.com/