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| | | | We all have control issues. And when it comes to our money, they can kick into overdrive.
When we invest, for example, we can focus so much on getting high returns and avoiding losses that we buy and sell at the wrong times. We actually end up reducing our returns, simply because we can't stand being "out of control."
The good news is this: You do have control over some important investing factors. In fact, these four things can impact your savings far more than average annual gains or losses. Four things you actually control How much you invest – Your income is your most powerful wealth-building tool. Debt payments or out-of-control spending saps that power. By living on a budget and getting out of debt, you can put the full force of your income to work. So don't cheat yourself. Invest the full 15% of your income for retirement in your 401(k) or Roth IRA. Holding back even $100 from your monthly investment can reduce your nest egg by more than $350,000 over 30 years!
How long you invest – It's true you can't turn back time, but you can make every effort to begin investing as soon as possible. Each year you add to your time horizon can add thousands of dollars to your retirement account. Just $300 a month invested for 20 years grows to $300,000. Invested for 25 years, it becomes $570,000. Invested for 30 years, it becomes $1 million!
What you invest in – Investment options are endless. You can invest in real estate, stocks, bonds, baseball cards, hot rods … you get the picture. But for retirement savings, stock market investing is the most effective. And while single stocks are too risky, growth stock mutual funds are a great blend of risk and return.
How you invest – As we mentioned above, investors are often their own worst enemies, reacting emotionally to market swings and trashing their portfolios as a result. A professional investment advisor who has seen the market's ups and downs can help you make objective decisions. In fact, 70% of wealthy investors rely on their financial advisors to help them with their investment decisions. | | | Share this: | |  | |  | | | | | | 
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