Conservative Investors’ Plan of Action
7 tips to help you and your family establish a foundation for long term financial health and optimized success.
1. Reduce Debt Where Possible
While some debt can feel nearly unavoidable, much can be paid off. If you cannot pay down debt you already have, make sure you’re not adding more. Wherever debt must be maintained, make sure your interest rates are fixed. Living debt-free offers you more flexibility in how and where you can invest. Credit card debt is the primary reason why most people put off investing and can be a major hindrance to your portfolio opportunities.
Making the most of every dollar is critical for any person on their investing journey. Carrying unnecessary debt can severely limit your ability to build a budget that takes care of your needs, goals, and your future. Reducing debt where possible gives you more control over your financial choices, your savings, and the ability to capitalize on investment opportunities. Compound interest is a powerful factor that can transform your portfolio. Don’t let debt stifle your financial goals, reduce it where possible.