It is no longer sufficient to be a “saver.” Saving money in a bank account is a critical first step to any long-term family financial plan. But after saving sufficient funds for dealing with expenses, both ordinary and unexpected, a long-term financial plan must reach beyond a savings account. Many Americans — now more than ever — have a relationship with a brokerage firm, to buy and sell stocks and other financial securities. Here are some things you should keep in mind.
1. Investigate before you invest.
2. Read your paperwork every month.
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3. Understand your investments.
4. Understand that no investment is guaranteed.
5. Make sure your securities are held by an SIPC member brokerage firm.
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