Investing: starting with a goal in mind
“There are only two ways to make money in our modern world: by working, for yourself or someone else, and/or by having your assets work for you.” – Investopedia
The Live Well Team is celebrating autumn 2018, with GATHER, a series of informative, thought provoking and interactive events for our local community.
The first event, Women and Investing was held on Friday, November 2, and featured guest speaker Ashley Michael a Communications Specialist and self-educated investing enthusiast. Florence Merryman, one half of the Live Well team, presented on real estate investment from varying jurisdictional perspectives based on her experience in her home market and as an investor in a foreign market.
As usual nourishing the mind was preceded by nourishing the body. A light tea menu of pumpkin bread, eggplant carponata, mushroom bruschetta and meatballs accompanied by an array of sweet and savory sauces started the late-morning session.
The group discussed foundational points of investment by defining and exploring goal setting and taking an individual risk profile analysis.
What differentiates a discussion on investment from the aggressive chastising talks we may have with ourselves stemming from a weekend of indulgence or yet another splurge on a tech gadget or item of clothing we have no need for, is investment discussion centers on the principals of:
Income generation
Income growth
Investment is not saving! It is not saving to purchase a dream vacation, or to finally get that designer doo-da long salivated over. Investing is not shopping and is not for the purpose of shopping. Investments are for wealth creation which offer returns and financial security in the long run.
As we well know, but often times forget, setting financial goals specifically for investing is crucial. Life is long or sometimes too short, full of every kind of opportunity, disappointment, unexpected mishap and lots of fun. Our individual personalities, career expectations, family planning, and retirement planning all come into the mix of how and when we decide to invest. One thing underscores any discussion about financial planning, and that is time. The best time to get the requisite knowledge and take action concerning an investment strategy is now!
Live Well and make your money work for you. Whether your goal is to send your kids to college or to retire on a yacht in the Mediterranean, investing is essential in getting where you want to go in life.