Developing a Financial Strategy
The first step is to figure out a realistic financial goal for yourself and your family. Talk with your loved ones to ensure that everyone has the same goals in mind. Clearly not all families will have the same end goal - figure out what is important to you, whether it is early retirement, financial comfort, children's education, travel, taking care of elders, or your children.
- Always trade through your brokerage firm.
- Never make purchases from phone solicitations offering the next hot stock.
- Never send personal checks to a sales rep, always to the company.
- Always receive your monthly statements to double check that everything is correct and that there are no irregular charges.
- If any sales representatives attempt anything that seems out of place, contact the branch manager of the company.
The rule of 72 is a quick way to calculate how long it will take your investments to double at different interest rates.
Take the rate of yearly return on your investment and divide 72 by that number. The result is the number of years it will take for you to double your investment.
The rule of 72 is a quick way to calculate how long it will take your investments to double at different interest rates...