Me: Time to Figure Out My Investments

By Beth Allwood - September 2, 2017

We all know setting goals is important. But, do you find yourself setting goals, only for other "stuff" to take priority? If this has happened to your financial goals, don't put them off any longer. I remember starting high school—it seems like yesterday. But, time really does keep marching on, so use it your advantage. #timemarcheson

Legit reasons "stuff" gets in the way: just starting your job, paying off student debt, getting married or having children. I know how hard it can be to carve out time for finances; my 24-year old son Connor, just experienced this. The good news is that he realized you don't have to bite off too much at once. Just start with a plan. And once that's done, create a budget. These two items are the central to investing.

Plan for the Experiences You Want

• Name it: What are you investing for? Retirement, travel, new home, electronics.

• Date it: When will you need the money? Different goals may have different timelines.

• Estimate it: How much will you need for each goal? Use our Savings Goal Calculator to estimate how much you may need to invest based on your goal amount and timeframe.

Tips to Get Your Goals in Motion

You may be saving to enjoy life experiences or to be your own boss. Either way, investing could help make these dreams a reality. Don't know where to start? Below are some tips to get you on your unique path:

1. Run the numbers using compounding—when the value of an investment increases because the earnings on an investment earn interest as time passes. See how a little amount can grow.
2. Take steps to pay off your debt as quickly as possible.
3. Automatic investing helps you put money aside before you have a chance to spend it.
4. Watch your spending and keep track of the extras, which can add up.
5. Establish an emergency fund for unplanned costs. Aim for six months of living expenses.
6. Participate in your employer's retirement plan to take advantage of employer-matching funds and compounded earnings.
7. Keep an eye on your credit score  to help when you are ready to purchase large items and guard against identity theft.

Once you have defined your goals and created a budget, your next step is determining which investments are going to help you get there. My son found this part overwhelming, but he used an online tool from American Century Investments^® to get started.

Whether you are an investor who's just starting out or one already on the savings path, we're here to help. Call us at 1-800-345-2021.