With all the demands on your finances, it can be difficult to meet your saving and investing goals. But a little discipline, focus and willpower can set you on the right path. Here are some tips to try:
1. Start Slow. Try adopting a marathoner’s mindset when building your investments. Few clock 10K the first time they hit the road. Start out with smaller achievements and work toward your bigger goal. If the retirement you hoping to achieve feels a long way off, for example, try using a similar approach – setting smaller goals for yourself along the way. An easy first step could be a pre-authorized contribution plan (PAC), which lets you set up automatic, regular contributions to your investments. Online brokerage RBC Direct Investing also offers another simple option: start with a practice investing account, which lets you learn the basics before you begin investing.
2. Expect to face hurdles. As an investor, you need to be able to handle obstacles. Market cycles, volatility and other challenges can cause you to veer off course or make snap decisions that might not work for you in the long run. A diversified portfolio can often help you deal with market ups and downs.
3. Pace yourself. Hoping for a quick win by jumping on the latest investing trend is like a marathoner sprinting off the start line. Setting your goals and having a plan in place to reach those goals are important to your financial wellbeing. Checking in regularly on your financial goals and keeping your plan updated as your life moves forward can help you pace yourself to go the distance – and keep you on track to succeed. (NC)