We’re officially in autumn-the season when we reap what we planted. As an investor, what can you learn from those who work the land and bring in the harvest?
First, you need to plant good “seeds” by choosing investments designed to help meet your goals.
Next, you will need to nurture your “crops” by adding money to your existing investments over time. The larger your overall investment base, the more you can expand its growth potential.
Also, just as agricultural workers plant a variety of crops, you need to diversify your investments. If you only owned one type of asset, and a market downturn hit that asset class hard, your portfolio could take a big hit. Keep in mind, though, that diversification can’t protect against all losses.
And when it’s time to bring in your harvest-that is, when it’s time to tap into your investments to support yourself during retirement-you’ll want to stick with an appropriate withdrawal rate, so that you don’t outlive your resources.
Take good care of your investment harvest-it can help provide a bushel of benefits.
~To raise awareness about the importance of saving for retirement, Congress has dedicated October 21-27 as National Retirement Security Week.~
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