Page 68 - South Mississippi Living - January, 2018

FINANCE & FITNESS saving money INVESTING
For Beginners
story by
Susan Ruddiman
P Self-education is a great start with investing
utting aside money for future needs seems assets and health needs.
to be more important today than ever. Weldon also suggests assessing debts such as student However, actually following through on a loans or credit cards. “If it’s a good bit of debt, they plan can seem daunting, and that’s where a should first develop a plan for tackling that before little research can help. considering investing,” she said.
“People can start their own investing Once those affairs are in order, people can turn to their
without going to a financial expert, but they should first educate themselves on investing principles,” said Germaine Weldon. She is a retired Certified Financial Planner from AVL WealthCare, LLC, who has kept her CPA/PFS standards current.
The U.S. Security and Exchange Commission, at www. sec.gov, has a publication called “Saving and Investing: A Roadmap to Your Financial Security Through Saving and Investing” that is a good starting point. Weldon also recommends a website offered by Certified Public Accountants called 360 Degrees of Financial Literacy, www.360financialliteracy.org.
Before investing money, people should make sure their basic financial needs are met in the event of a job loss or a catastrophic event; that’s a general recommendation from financial planners. These basic needs can
include having cash set aside in a savings account for emergencies and having adequate insurance to cover
employers and see if their workplace offers a company sponsored retirement plan that is managed with professional guidance. Contributing to a retirement plan each month as well as having a separate savings account will take care of long-term retirement goals as well as short-term needs.
“Emergency funds and funds for short term goals should be in safe investments such as bank savings accounts or certificates of deposits,” Weldon said. “Longer term goals that are over five years away can include stocks or mutual funds.”
No one is ever too old to invest money. “Even retirees need to continually assess their retirement funds and consider adjustments to their plan,” Weldon said.
Self-education is important. Weldon suggests talking to friends, and if you decide to go to an investment professional, ask about fees, credentials and level of experience.
68 SOUTH MISSISSIPPI Living • January 2018
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