It’s the time of year when you’re looking at your financial situation as you prepare to do your taxes, so it makes sense to think about investing your hard-earned money. A local expert told us how to do it.
First, ask yourself why are you investing. This will determine where you’re going and what you should invest in. There are many ways to invest money, including stocks, bonds, mutual funds, real estate, gold and more. Make sure to evaluate your interests, income, time and goal amount before making a final decision.
“You need to know where you’re going before you get there,” Peter Knutson, owner and adviser of McDaniel Knutson Financial Partners, said. “Know your destination first, and backtrack from there.”
Depending on what type of investing you chose, it could be as little as $50 out of every paycheck. A financial adviser is also going to cost. Some have a minimum, which you should find out ahead of time, and some charge an hourly rate. Online trade places for stocks or mutual funds like E-trade Financial, Scottrade, TD Ameritrade Institutional are also an option. These websites are cheaper than an adviser because the investing is on your own. Knutson said these websites can be used if you’re confident in what you are investing in.
Experts and where to go
First ask a friend about who they have used to get a reference, Knutson said; also, look for how long an adviser has been in business and how many initials are behind their name.
Here are just a few local experts and online resources:
- Reinhardt Financial Services, Inc., 211 E. Eighth St.
- McDaniel Knutson Financial Partners, 2500 W. 31st St.
- Rademacher Financial, Inc., 515 Rockledge Road
- Wells Fargo Advisors, 1811 Wakarusa Drive
- Yahoo Financial