Though it can be challenging to articulate your life goals or envision your future, doing so is a critical first step in investing. For example, right now you may be concerned about fortifying your nest egg against surging inflation and rising interest rates. Your goals can also evolve, and the larger economic picture should influence your approach. Though every individual has their own reasons for investing, most of us have common goals: Saving up for retirement, buying a home and perhaps paying down student debt, starting a business or funding your child's college education. "It's important to understand what your goals are to inform your timeline and build a portfolio that takes on the appropriate risk and return characteristics to meet those goals."
"I ask them what goals they have that will require financial resources in the future," Lee said.
James Lee, certified financial planner and president-elect of the Financial Planning Association, always begins working with his clients by going over their life goals, even before talking about investment strategies. To help you make smart money decisions this year, CNET spoke with investment experts who explained methods to balance tried-and-true strategies with newer opportunities to support your investment goals. How can beginning investors navigate today's economic landscape? Building your wealth and saving for retirement requires careful planning and a long-term strategy. Now that anyone can broadcast their investment tips from a smartphone, it's harder to identify trustworthy advice: Following the wrong TikTok financial guru or Twitter crypto bro could lead to a major financial mistake. It's an intimidating time to be a new investor.Įxpert advice is crucial for beginner investors, but social media and the connectivity of the internet means there are more voices vying for your attention and money. You may be tempted to skip out on Investing your money given the current economic climate.
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This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.
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