What Should Your Next Financial Investment Be?

Are you wondering where to get started with investing or what your next investment should be? Here are answers to three common financial planning questions.

I didn’t start saving for retirement until later in life. Will I ever recover? If you waited until your 30s or beyond to start saving for retirement, you missed out on some valuable time. But hope is not lost. Start now, and put at least enough money into your 401(k) plan to maximize your employer match. If you don’t have a 401(k) plan, look into an IRA and/or a brokerage account. Then work with a financial professional to ensure that your assets are allocated in the best manner possible to meet your goals while adhering to your risk tolerance.

Should I invest in cryptocurrency? We can’t speak for everyone, but it is generally a good idea to avoid the latest investment trends, such as cryptocurrency. Trendy markets are risky markets with high volatility.

What insurance do I really need? Other than the obvious, health insurance, you may want to consider life insurance and renter’s insurance (unless you own your home, in which case your mortgage lender will require homeowner’s insurance). Life insurance isn’t just for married couples with children, and renter’s insurance will protect your belongings in case something happens to your home that’s not your fault, such as a burglary or fire. You may also want to consider disability insurance if you don’t have it through your employer. If you cannot work due to illness or injury, it will cover your expenses while you either wait to get back to your job or wait to get on permanent disability.