Ways to Protect and Grow Your Assets – Personal Finance Tips and Advice

Posted on 02 June 2011

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Ways to Protect and Grow Your Assets – Expert Tips to Protect and Grow Your Personal Assets:Securing your financial future in today’s economy requires building up your personal assets. Growing your Finance Tipsassets is a crucial part of the process, but protecting them is just as vital. Finding low risk options for steadily building up your financial portfolio and other assets is ideal, and there are a few that provide the best of both worlds.

One of the easiest ways to grow your assets in a safe but efficient manner is to participate in a 401(k) plan through your employer. Most companies medium to large-sized companies offer such a plan or something similar. These plans allow you to put a portion of your paycheck into various mutual funds available through the company. More importantly, many companies will match your contributions to the fund up to a certain percentage. In other words, you are getting free money placed in the fund, along with any growth the fund itself experiences.

Another option for growing you assets is investing in an index fund, which in many ways is an updated version of a traditional mutual fund. However, and index fund gives you a piece of an entire index rather than just a group of companies as a mutual fund would. This change means that as long as the market index you chose to follow grows over time, your assets grow as well. For the most part, markets as a whole will perform more consistently than individual companies. This means there is a better chance that your investment will steadily grow over time.

If you are looking for an option that doesn’t involve the stock market in any way, you should consider an IRA. You are allowed to put up to $5,000 a year in an IRA, which has a few benefits. You will get tax breaks on the money you put it in the account, and you earn interest on the money as well. The downside is that you cannot access the money early without facing penalties and fees. However, this method is a guaranteed way to grow your assets if done properly.

Traditional savings accounts and certificates of deposits are two other options for protecting and growing your assets. In the current economy, the interest rates for both options are low, which will limit your gains. That being said, both methods come with the guarantee that you will make money, whereas anything involving the stock market comes with the possibility of taking a loss.

Depending on your age and the income you have available to invest, you can modify your strategy accordingly. You can afford to handle the ups and downs of the stock market if you are relatively young and have time to recover from any losses. However, you may want to go with the more conservative approach of CDs, savings account and an IRA if you will be looking to retire in the near future.

Please leave a comment below as we are always interested in hearing feedback on our articles or even other tips and advice we forgot to mention that you have used to make more money by growing your personal assets.

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