Investing 101: Chatting About Goals, Risks, and Time
By Kraig Kleeman
Introduction
Hey there, new investors! Welcome to the investing world – a place where opportunities and challenges go hand in hand. You might’ve jumped in with both feet, eager to see those dollars grow. But wait, have you considered what you’re aiming for, how much risk you can stomach, and how long you want your money tied up? Let’s break it down, shall we?
What’s Your Goal? Let’s Figure It Out Together
First up, what are you investing for? This isn’t just a “nice-to-have” chat; it’s essential. You may save for a dream vacation, a new car, or something big like retirement. Your goal affects everything – like picking stocks for the long haul or choosing something safer if you need cash soon. Knowing your goal is like having a roadmap. Without it, you’re just wandering around.
Risk – It’s Not Just a Board Game
Next, let’s talk about risk. How do you feel when the market dips? If you’re losing sleep, high-risk stocks aren’t for you. But if you’re the cool, calm, and collected type, ready to ride the waves, you might be okay with taking more risks for more significant rewards. It’s all about knowing yourself. Are you the thrill-seeker or the safety-first kind of person?
Time – Are We There Yet?
Finally, consider your timeline. If you need your investment back in a few years, think twice about risky options. But if you’re looking at 20 or 30 years down the road, you’ve got time to weather some storms. Your timeline shapes your strategy. Short-term? Think about safety. Long-term? You can be bolder.
Wrapping It Up
So, there you have it. Before diving headfirst into investing, take a step back. Consider your goals, how much risk you can handle, and when you’ll need your money. Get these basics down, and set yourself up for a more innovative, more tailored investing journey. Remember, it’s your money, goals, and peace of mind on the line. Let’s make them count!
About Shawn Carpenter
Shawn Carpenter is an experienced entrepreneur and executive in the fintech industry, known for his visionary leadership and expertise in investing and analysis. As the co-founder of YCharts, a leading financial analytics and investment research firm, he led the company through a remarkable journey of growth and success. Under Shawn’s stewardship as CEO, YCharts expanded its user base to millions and secured $14.5 million in funding, demonstrating its profound impact on the market. This growth trajectory culminated in the acquisition of YCharts by LLR Partners.
Shawn’s experience also encompasses a pivotal role as Chief Marketing Officer at Guaranteed Rate and a strategic position in Google’s Revenue Intelligence group, contributing significantly to its early development.
In 2023, he expanded his influence in fintech by acquiring StockAlarm, a platform offering real-time alerts on stocks, futures, forex, and cryptocurrencies. His foray into Bitcoin mining underscores his commitment to staying at the forefront of emerging financial technologies. Shawn’s career is a testament to his strategic acumen and ability to guide companies through significant growth and evolution in the intersecting spheres of technology and finance.