Conquering The Market: Investment Tips For Beginners
Unless you grew up surrounded by individuals who knew what they were doing when it came to investing, you probably have absolutely zero idea what you’re doing. I know I didn’t when I first became interested in conquering the market. The world of investing can seem so complex and intimidating, especially for beginners. But it’s actually not so scary when you understand and nail down the absolute basics! With a solid foundation and a few smart strategies, you can start building your wealth and reach your financial goals through these investment tips for beginners.
Investment Tips For Beginners Starts With Defining Your Goals
Before you take off making investments, it’s important that you start off by defining your goals. According to investopedia.com, “Investment goals spread into three branches, depending on age, income and outlook.” Are you starting your investment journey very early in life, are you middle-aged, or have you reached retirement age? Are you making enough for specific investments? Are you saving for a dream vacation in five years, or are you wanting to work towards a comfortable retirement 30 years down the line? Having well-rounded knowledge of your present day situation is key to helping you choose the right paths.
Time For A Risk Tolerance Check
It doesn’t matter which route you take. Every investment strategy carries it’s own degree of risk. According to Capital Group, stocks can offer the ability to grow higher, but they also experience pretty dramatic price fluctuations. Bonds are typically the safer option, but they often offer lower returns. One of the most important investment tips for beginners is to figure out your comfort level with risk and choose investments that ultimately align with your goals and level of comfortability.
Make Sure You Diversify That Portfolio
Whatever you do, don’t put all of your eggs in one basket! It’s so important to spread your investments across different asset classes like stocks, bonds, and real estate. Investopedia.com states “that by holding a variety of investments, the poor performance of any one investment potentially can be offset by the better performance of another, leading to a more consistent overall return.”
Most Importantly, Educate Yourself
There’s a wealth of information available online and even at libraries. Read as many articles, books, and investment blogs from reputable sources as you possibly can. A great place to start online is seekingalpha.com. One of the biggest investment tips for beginners – the more you understand the market, the better equipped you’ll be to make informed decisions.
Secret Tips to Save Money on Your Next Vacation
1. Try to Negotiate Your Lodging
Did you know that hotel fees can be negotiable? Fidelity.com points out that, “You may be able to negotiate the online price by calling a hotel directly, or asking if they have any discounts for students, government employees, or members of certain groups, such as AAA.” So, don’t settle for that price you see on your laptop. Try to do better. It’s a secret tip that can pay off bigtime.
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2. Get Smart with Your Lodging
Did you know some hotels that are virtually the same, including the same brand, can be cheaper just a few miles apart? As a general rule, hotels that are near the airport are more expensive. So, you can look at the hotels you want to stay at and their multiple locations in the area for the best rate. “Some hotels that are under construction may rent rooms at a discount, which is a great option if you can deal with the noise,” Fidelity.com points out.
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3. Snack Your Way to a Cheaper Trip
Going out to eat on vacation can be one of the most exciting things about the trip. But, if you want to save on cash, skip a few meals out and opt for healthy, hearty snacks. Pack (or buy at a local store) some protein-rich snacks, like protein bars and meal bars, and limit your dining out. You can still enjoy some of the best food the area has to offer, just not as much of it. This is a way to stay fit on your trip, too. A lot of people don’t think of this tip, so it’s a bit of a secret.
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4. Timing is Everything
You’ve heard it so many times in life: Timing is everything. That’s true for travel, too. Research to find the least-busy times to visit your destination. If you travel during those downtimes, you’ll save big. While this is a common tip, something people forget is that every vacation destination has its own peak time. So, be specific for your travel spot.
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5. Travel with a Friend
If you’re thinking of traveling solo to a place you’ve always wanted to visit, go cheaper by traveling with a friend. You two can share lodging fees. Also, sometimes there are more deals and discounts for those traveling with multiple people. I always do this when going to a big music festival, if it’s far away. I’ll usually meet my friend there, and we share lodging costs. It also makes the trip more fun.
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6. Find Free Spots to Travel
Look for some free attractions in your travel area. Chances are, they won’t be as packed as the big-named places, too. You can still visit some of the popular landmarks. But, if you add a trip to a national park or free museum to your itinerary, it will save you some cash.
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7. Max Out Your Memberships
Are you a member of any random groups? You might have travel deals just waiting for you. Check everything, from your college alumni membership to your credit cards, for travel discounts. You may be surprised what you find.
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8. Don't Get Picky
Say you just want to get out on a fantastic trip, but you don’t really have a place in mind. That’s actually a good thing. Take an hour to look at flight specials happening right now. If you aren’t picky on where to travel, chances are you’ll find a great rate on airfare and lodging somewhere. Once you find the most reasonable place to travel, then you can start looking at what to do when you’re there.
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9. Go Popular
This is a bit ironic, but often times, the most popular tourist destinations are also the cheapest. That’s because there is a lot of competition for all those travelers. So, big-named destinations like Orlando, Florida, or Las Vegas, Nevada, tend to have really good travel deals. Go popular, or go home.
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