The Motley Fool is back with salient investing advice that you can implement today.
This time, their financial whizzes share insights on keeping your retirement savings safe during unpredictable economic times. (The Motley Fool)
However, investing is also one of the best ways to build wealth. You’ll likely need to save several hundred thousand dollars (or more) for retirement, and unless you’re able to sock away thousands of dollars per month, stashing your money in a savings account simply won’t cut it. In order to accumulate serious cash, you’ll need to invest in the stock market.
To protect your savings, though, it’s important to ensure you’re investing the right way. By making this one investing move, you can build wealth while avoiding as much risk as possible.
Investing in the stock market always involves some degree of risk, but you can limit your risk by investing wisely. And the key to keeping your investments as safe as possible is to diversify your portfolio.
If you put all your cash in just a few individual stocks and those stocks don’t perform well, you could potentially lose a lot of money. But if you spread your money across hundreds of different stocks, your portfolio won’t take a nosedive if a few of those stocks plummet in value.