Developing A Game Plan
OK, my LGBT friends! First things first! You need to develop a game plan. What are your financial goals? Do you want to retire at a certain date? Take a dream vacation? Provide an education for your children or grandchildren?
Even Godzilla had a game plan!
Photo by: futuristmovies.com
You need to know what you want to accomplish before you set out and start to randomly invest money
If you were going to bake a cake, you’d make a list of ingredients that you need. Then you’d probably check your cupboards to see what you already have. After that, you’d go to the store and buy the rest. It wouldn’t make sense to go to the store and buy random ingredients and hope you end up with the right things to bake a cake…. Same goes for setting up a plan for investing your money. Write down what you want to accomplish and when and choose investments that match your timeframe and risk tolerance.
You need to be patient with your investments!
There are quite a few investments to pick from in the investing universe. – Stocks, bonds, mutual funds, alternative investments. Diversity is key. You need to be disciplined about saving money and patient with market returns. Don’t abandon a plan because of short term market setbacks. I suggest you speak to an LGBT financial advisor with an ADPA designation to assist you with your plan, if you are seeking professional assistance!
Your game plan should be looked at periodically. Have your goals changed? Are there life events happening that change our long or short term goals? If so, then maybe your investment strategy needs to change with it.
What are some of your goals?
The opinions expressed in this material do not necessarily reflect the views of LPL Financial.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Independent Financial Partners, a registered investment advisor and separate entity from LPL financial.
*Financial Planning Magazine (June 1996-2013 based on total revenue)