Should I be Investing My Money?

posted: 07/13/16
by: Ashley Lauretta

When it comes to investments, you may think of stock traders yelling into phones on Wall Street, making deals as soon as the bell tolls. Though that does happen, the vision we get from movies is only a small part of the picture.

Investing is defined as "the act of committing money or capital to an endeavor with the expectation of obtaining an additional income or profit."

Should you be investing your money? And if so, how?

Patrice Washington, a personal finance coach, Money Maven on the Steve Harvey Morning Show and founder of Real Money Answers, has a recommendation you may not expect.

"I believe the best investment you can make in this economy is in your personal development," she explains. "Whether it's the books you buy, the seminars, conferences and trainings you choose to attend, or even the coaches or mentors you hire, education and personal advancement on any and every level is the secret weapon of the wealthy, powerful and successful."

She goes on to reference Jim Rohn, a successful entrepreneur and motivational speaker, who said: "Formal education will make you a living; self-education will make you a fortune."

Should you decide to invest, additionally, in stocks, bonds, mutual funds and more, an investment advisor is the best authority to provide you with specific suggestions based on your income, savings, lifestyle and more. Though they often require a fee, when dealing with the unknown elements that investment can bring--especially if the stock market is involved--having a third party who has your best interest at heart (and money on the line for themselves) is an additional safeguard.

Though you can find an advisor through friends or an internet search, Forbes recommends you use a consultant to help with the legwork and negotiation so you can find the right advisor for you and your goals.