Golf & Investment Academy #2
Tip #2: Formulating a Plan
Schwab Investing Tip
The first and most critical step towards investment success is formulating a plan. Just as you wouldn't drive to an unfamiliar destination without a map or GPS, you can't expect to fulfill your investment goals without having a long term plan in place. With a plan you know where you're heading – you need to have in mind your goals, your risk tolerance and your time horizon.
An important part of having a plan is being able to focus on the big picture while implementing the individual investment decisions. As you pass through time, it will throw curve balls at you – markets go up and down, securities you hold go up and down. While you’ll have to adjust your tactics along the way, you still need to adhere to that long term plan, which is consistent with your goals, your risk tolerance and your long term objective.
An investment professional who understands your plan, can provide you candid yet constructive feedback, and offers you tools to keep track of your investments can be a big value-added partner along your investing journey.
Written by The Editors
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