We consider investment strategies, specifically, the difference between short and long-term goals, then look at some apps that can get you headed in the right financial direction.
The goal of investing is to put your money to work in the hopes that — like a seed carefully planted — it will grow over time. Though many are intimidated by the concept, it’s an important wealth building tool, not something to avoid or be afraid of. Though investing can be as low-risk as opening a savings account or as high-risk as trading commodities, there are a variety of ways to do it.
Before you start investing, whether it be short or long-term, you should have clear goals in mind. Think of short-term as something like saving for a vacation or buying holiday gifts. Longer term goals might include purchasing a car or a home (which is, in and of itself, a kind of investment). And always remember the importance of investing in your future by making and funding your retirement plan.
The main difference between short and long-term investing is that long-term goals generally take more than five years to fulfill.
The most important long-term goal is saving for retirement. Long gone are the days where you stay with one company until retirement and then live off the company’s pension plan. Start saving for your retirement first, then use the leftover money to save toward other goals.
Technology has made it easier than ever to invest in the stock market. Most banks will allow you to set up an investment account. These are usually for more experienced investors, will require minimum investment amounts and can involve fees. How high those fees are may vary, depending on where you bank.
For beginners (or even people who don’t have large funds but want to invest in something other than cash), there are many different investing apps that you can setup in minutes on your phone. Some of my favorite, most used apps are Acorns, Digit and Stash:
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