If you want to fatten your savings, the skinny interest served up by banks is not going to get it done. One potential solution? The stock market.
You don't have to be some kind of professional to invest in the stock market. I've been doing it for 35 years.
And you don't even have to have a lot of money. What you do have to have, though, is the ability to avoid common mistakes. I'm going to give you some examples.
Mistake number one? Not investing at all. Yes, stocks can be risky, and you certainly don't want all your eggs in the stock basket. But you do want some.
Next mistake: Not enough research...stocks aren't rocket science, but they're no place to fly by the seat of your pants. Invest time before you invest money.
Mistake 3? Being impatient.Investing in the stock market is not a sprint, it's a marathon. And if you start getting in a hurry, here's what you're going to do... you are going to sell low and you are going to buy high. I've seen it over and over.
You've got to be patient.
Mistake 4: Not diversifying. Spread the risk by spreading your money around to different stocks. Can't afford to buy 10 different companies?
That's what mutual funds are for. And the final mistake - Taking too much risk. Don't ever invest money you're going to need within 5 years, and don't fall for a high flyer.
Slow and steady... that's what wins the race.
By the way... I put my money where my mouth is. I put every single stock I buy right up on the website so you can see it. I also explain why I bought it.
So if you want to learn more about investing, I'm here to help. Just go to moneytalksnews.com and search for "Investing." For Money Talks News, I'm Stacy Johnson.