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Have a Plan
How much? When? And how much risk?
Step one in investing is to figure out how much money you‘ll need, and when you will need it. Once you have these two essential decisions in place, you need to determine how much investment risk you’re prepared to accept.
Every investment is different. Every investor is
different.
Before you invest, think about your personal objectives. Why are you investing? Planning your retirement? Saving for a down payment on a house? Whatever your objectives, your plan should be developed specifically to help meet them.
Your goals will also help establish the time
frame in which you hope to achieve your investment objectives.
Another aspect to consider is the amount of risk you are willing to assume. If you know your level of risk tolerance, and invest accordingly, you’re less likely to worry when markets fluctuate.
Once you have a plan established, the key is to
maintain it
Stay focused on your goals and realistic about your investment horizon. When you have a plan, there’s peace of mind in knowing that it’s designed specifically for you and your goals.
If you don’t have an investment plan, now may be the perfect time to create one. Or if your needs or goals have changed, perhaps it's time to re-evaluate the investments you have.
Speak with a BMO financial planner, simply visit any one of our branches.
Things you can do:
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