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individual retirement account saving


save tax using ira

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									One option for growing your investment is to invest in an Individual Retirement Account (IRA) or
a Keogh account. The IRA is tax- deductible and both will help you towards your retirement

If your investment goal is somewhat shorter term than retirement and you may need to access
the money before that time, invest in an aggressive growth mutual fund. Being a mutual fund,
there is still a good deal of protection offered to your assets. Selecting an aggressive growth
fund will allow you to maximize your profits will still enjoying the protection of this particular
investment instrument.

Investing money in an aggressive growth mutual fund can be used to grow a person's savings
for a car, down payment on a home, or on a future investment. You can also choose to invest a
portion of your $10,000 in the aggressive growth fund and park the other portion in another type
of instrument with either more or less risk and/ or liquidity again, depending on your long and
short-term goals.

If you want greater investment return than a savings account but want to be able to access the
money if you need to do so, consider putting a portion of the investment in a money market
account. These accounts generally yield greater interest than savings but you are not penalized
for withdrawing the funds as you would be with an IRA or some mutual funds.

One strong word of advice on any earnings you gain as a result of your investment is to
automatically reinvest these earnings. This will allow you to grow your investment exponentially
by increasing the principle. You effectively have more money working for you to earn more
money. Resist the urge to take these earnings and splurge. Reinvesting them will have much
more of an impact and will be much more rewarding in the longer term.

Finally, it is important to make diverse investments. You can minimize your overall risk by
putting your funds in a variety of investment vehicles. Mutual funds, by nature, also help to
diversify your investment and minimize risk.

Treat your investment as a second income and a second job. Being diligent and serious about it
will ensure good stewardship and will keep you constantly in touch with what's going on with
your money and allow you to make good decisions on how to manage it.

Imagine doubling your money every week with no or little risk! To discover a verified list of
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