Just took a required minimum withdrawal from my IRA’s to keep Uncle Sam happy.
I don’t expect a thank you from The Donald. He doesn’t know about paying taxes.
You probably already know that you should invest your hard-earned money so you can retire comfortably and never have to worry about money while completing everything on your bucket list. A good strategy is to invest your money on a regular basis, watch it grow steadily and when you’re ready to retire, cash in your bundle. Sounds simple, right? It isn’t. In fact, it can be quite complex. Luckily, with a little knowledge, some patience, and professional advice, you can devise a strategy that will help meet your goals, regardless of your age or income.
The trick, of course, is to choose an investment vehicle that is right for you and your goals. Here is a breakdown of just a few of the most common investment strategies:
Real estate can be a lucrative, albeit frustrating, investment for several reasons. “Flipping” houses can net you thousands of dollars in just a few weeks if you do it right. Flipping a house means buying it for an undervalued price (a home that’s being foreclosed on, for example) and then doing a few repairs or upgrades, then selling it for a much higher price. Unfortunately, flipping is a risky venture and many people stay away from it. You need to keep an eye on the market, and if you buy at the wrong time, then try to sell it when the market is down, you may lose some or all of your investment.
You can buy a home and become a landlord; this is more of a long-term option and can net you a steady income for years to come. Before purchasing, know the type of neighborhood you’re buying into, and vet your potential tenants carefully.
There are several ways to invest in Foreign Currency. FOREX, or Foreign Exchange, is a 24/7 market in which currency pairs are traded. Examples of currency pairs are the U.S. and Canadian Dollar (USD/CAD), and the Euro/US Dollar (EUR/USD). Essentially, you are betting that one currency will go up and the other will go down within the pair that you are trading. These are bought and sold according to the up-to-the-minute prices or exchange rates. Because currency exchange rates change constantly, it’s important to set stop limits on your order so you can protect your initial offering.
Other foreign currency investment vehicles include Exchange Traded Funds and Foreign Currency Futures
While there is a learning curve to investing in foreign currency, it can be a lucrative way to make and invest your money.
While day-trading has become popular among ‘get rich quick’ strategists, investing in stocks and mutual funds are best entered for the long term. Do some research and talk to an investment broker to discuss which funds and stocks are best for you. Consider your overall risk personality and your goals to devise a plan that you’re comfortable with.
Some people like to see their investments, not just a piece of paper telling them what they own. If this sounds like you, consider investing in things like gold bars, antiques, collectibles, or art. Again, you’ll have to do your research in order to ensure you’re buying authentic pieces and fine art.
How to Decide:
It’s important to consider your overall goals for both the long-term and short-term goals. Do you have kids that you need to put through college? Do you want to travel when you retire, or do you want to see the world while you’re young? How long before your mortgage is paid off? The answers to these questions will help you decide whether to invest in something long-term, short-term like FOREX safe and balanced, like mutual funds or risky, like cotton futures.