Page 127 - South Mississippi Living - January, 2019

FINANCE & FITNESS eat healthy
Self-education
IS THE BEGINNING POINT WITH INVESTING
story by Susan Ruddiman
Putting aside money for future needs is important, but actually following through on a plan can seem daunting. That’s where research can help.
“People can start their own investing without going to a financial expert, but they should first educate themselves on investing principles,” said retired Certified Financial Planner Germaine Weldon.
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, make sure 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 needs can include having cash set aside in a savings account for emergencies
and having adequate insurance to cover assets and health needs.
Weldon also suggests assessing debts such as student loans or credit cards. “If it’s a good bit of debt, develop a plan for tackling that before considering investing.”
Once those affairs are in order, ask your employe if the company has a 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 and short-term needs.
No one is ever too old to invest. Even retirees need to continually assess their retirement funds and consider adjustments to their plan.
If you decide to go to an investment professional, ask about fees, credentials and level of experience.
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