Tough times and volatile markets come and go, but solid investing principles are timeless. Good advice right now and in any market: go with S.I.M.P.L.E. investing:
Step back – Take a deep breath. Everyone knows that mattresses might seem like the safest spot for your money. But historically, the stock market has provided an opportunity for long-term returns.*
Investigate, then diversify – Take advantage of free research and investing tools instead of jumping on a hot tip or trying to act fast. Remember to balance your portfolio across investments.
Max out retirement vehicles – Take full advantage of any employer match for your 401(k). Otherwise, you leave money on the table. No 401(k) available? Grab the tax-deferred benefits of an IRA.
Pay yourself first – A cliché for sure, but not as easy as it sounds. Unless you have savings automatically deducted from your paycheck or bank account. It's like pre-paying bills in retirement. Talk to your employer's HR department.
Live like an investor – Adopt an investing way of life by committing to the long-term view. Your saving and investing habits can even set an example for the kids in your life.
Earn rewards – Set milestones and small rewards for yourself when you "earn" it on your smart financial plan.
Even if you only follow one or two of these tips, you'll be better off than you are today. So trust yourself. Then grit your teeth and get to it.
