Other Investments
After maximizing your tax advantaged retirement accounts, you should use other investments to grow your nest egg. There are numerous ways to additionally invest your money: stocks, bonds, mutual funds, creating your own business, other securities and real estate. As with your entire retirement investments you should focus on diversifying your portfolio to reduce the risk of having all your money in investment type.
In managing your other investments, here are some helpful tips:
- Hire a certified financial planner to advise you on retirement. Just make sure you find one with credibility and a good reputation.
- Adjust your strategies based upon your risk tolerance and timeline. You might handle more risk early on and want to protect your nest egg closer to retirement.
- Devote enough time to researching and monitoring your investments.
- Start early and reap the rewards of compounding interest.
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