It seems that more and more savings accounts are emptying out instead of building future funds as people are finding it hard to keep money in their checking accounts, let alone the savings! Add in the face that many people have lost their 401k or company bankruptcies have wiped out pensions and you can easily see why people are afraid to rebuild their savings.
After all, if the money you save is going to disappear, why not use it today while you still can instead of bemoaning its loss later! While the future may seem bleak, there is hope in this six-step plan to rebuild your savings. Follow these helpful tips and not only can you start to rebuild your savings, but you can stop worrying daily about losing your savings. Simply put, the best way to safeguard your money is to start taking a closer look at how you are saving it.
While this may leave you thinking that a sock in the closet does not sound so bad, (it is a cheap investment!) there are better safe ways to start investing money and rebuilding your savings.
Step one, is to find a financial advisor you can trust and one who operates using the same guidelines you believe in.
Many people give their financial advisor too much power and faith or simply trust that a degree equates with a good investment strategy. However, the current market proves that an investment background will not guarantee success because if it did there would not be so many large corporations taking federal bailout money.
It’s your money and your savings, so find a counselor who will follow your advice as well as their own. With this step completed, you also want to find a counselor who has watched the current collapse and knows the methods that fail. After all, sometimes the best plans are derived by learning what not to do instead of what should work.
The best way to rebuild your savings is to proceed gently, making equal contributions into guaranteed investments and riskier investments. Any time you invest there is a small level of risk if you want a larger return, but there is no need to place all your funds into potential jeopardy.
A wise investor and a wise financial advisor will keep a portion of your money safe at all times so that no matter what happens you never lose it all. When you have the safety of knowing you will never be bankrupt, it is much safer to proceed into riskier territory using a combination of caution and skill. This way you will be always be safely rebuilding your savings a step at a time while also using a small margin or profit to potentially maximize your returns.
Not only is this a safe investment practice, but you also never have anything to lose while you always have the potential to win. This is a sentiment that almost everyone can agree is optimum when rebuilding your savings.
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