Nashville, TN – The Tennessee Department of Commerce and Insurance’s (TDCI) Securities Division wants investors of any age and background to always make smart investments.
While some investors might be young, there’s no reason they should ever feel they’re at a disadvantage when it comes to making smart financial choices.“We want all investors – especially young people – to be wise beyond their years when it comes to how and where they invest their savings,” said TDCI Assistant Commissioner for Securities Frank Borger-Gilligan. “Sound financial advice doesn’t have to be complicated or hard to remember. These tips are a good starting point for any investment strategy.”
Here are 10 things investors should always remember before they invest:
1. Manage your expenses so they don’t exceed your income.
2. Spend money thinking of your future as well as your present.
3. Begin saving early to take advantage of compound interest.
4. Avoid collecting credit cards and sing them for borrowing.
5. Always honor your debts and other financial obligations.
6. Project your income and expenses for the next 12 months and track variances.
7. Focus on the relationship between the risk and projected return of investments.
8. Maintain organized records for tax and general financial planning purposes.
9. Have a plan and a purpose for your investing.
10. Obtain a financial education to be in a position to make intelligent financial decisions.