Stabilize Your Current Situation Before You Invest
Investing has become increasingly important over the years, as the future of social security benefits becomes unknown. One of the keys to successful investing, is to fully understand your true financial position. Before you consider investing in any type of market, you should actually take a long hard look at your current position. Investing in the future is a good thing, but clearing up bad – or possibly bad – positions in the present is more important.
Pull your credit report. You should do this once each year. It’s important to know what is on your report, and to clear up any negative items on your credit report as soon as possible. If you’ve set aside $25,000 to invest, but you’ve $25,000 worth of bad credit, you’re better off cleaning up the credit first!
Next, look at what you’re paying out each month, and eliminate expenses that are not necessary. For example, high interest credit cards are not necessary. Pay them off and eliminate them. If you’ve high interest outstanding loans, pay them off as well.
If nothing else, exchange the high interest credit card for one with lower interest and refinance high interest loans with loans that are lower interest. You may have to use a few of your investment funds to look of these matters, but in the long-term, you’ll see that this is the wisest course of action.
Get yourself into good financial shape – and then raise your financial position with good investments.
It doesn’t make sense to begin investing funds if your bank balance is always running low or if you’re troubled to pay your monthly bills. Your investment dollars will be better spent to rectify adverse financial issues that affect you every day.
Though you’re in the process of clearing up your present financial position, make it a point to educate yourself about the several types of investments.
This way, when you’re in a financially good position, you’ll be armed with the knowledge that you require to make equally good investments in your future.
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February 17 2009 05:42 am | Personal Finance