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When it comes to investing, there is no one-size-fits-all approach. However, there are some basic steps that can help get you started on the right track.

1. Define your investment goals.

Before you can start investing, you need to have a clear idea of what you hope to achieve. Are you looking to grow your wealth over the longer term, or generate income in the short term? Do you have a specific goal in mind, such as retirement or funding your child’s education? Answering these questions will help you determine the best investment strategy for you.

On top of that there are a variety of accounts to place your money in. Typically, investors start out with a Roth IRA or 401k and once those are maximized, they'll open up a taxable brokerage account. More on that here. Depending on your account, you may want to consider the types of investments to own within each.

2. Understand the different types of investments.

There are many different types of investments available, from stocks and bonds to real estate and index or income funds. Each has its own set of risks and rewards. It’s important to understand the basics of each type of investment before you start putting your money into any of them.

3. Consider your risk tolerance.

Investing involves risk. The key is to find an investment strategy that suits your risk tolerance. If you’re a risk-averse investor, you may want to focus on more conservative investments, such as bonds and cash. If you’re willing to take on more risk, you may be able to achieve higher returns by investing in stocks and other growth-oriented investments.

4. Start with a small amount of money.

You don’t need a lot of money to start investing. In fact, many financial experts recommend starting small and gradually increasing your investment over time. This approach can help you get comfortable with investing and reduce the risk of losing money.

5. Consider using a research tool.

If you’re not sure where to start, you may want to consider using a research platform like Investipal. Our platform helps you identify investments that resonate with your goals, beliefs and risk so you can reach your financial goals easily.

6. Be patient.

Investing is a long-term strategy. It’s important to remember that you won’t see immediate results. The key is to stay disciplined and patient. Over time, your investments will compound and grow, helping you achieve your financial goals.

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