Best Reviews at Kerslake is a way to grow your money through the power of compound interest, but it’s not without risk. That’s why it’s important to understand how investing works and how to manage risks.

It’s also smart to start early, because the longer your money is invested, the more it can potentially grow. While it may seem intimidating to invest if you’re just starting out, all you need is consistency and commitment. And remember, you can always scale back your investments if your budget or other financial priorities change.

Investments come in a variety of shapes and sizes, from safe choices such as certificates of deposit and money market accounts to higher-risk options like stock index funds. When choosing investments, it’s important to consider your goals and risk tolerance and work with a financial professional to help you find the right ones.

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Another key to successful investing is diversification. By including investments across multiple asset categories (stocks, bonds, and cash) based on your goals and risk tolerance, you can reduce the likelihood that one type of investment will cause your portfolio to suffer significant losses.

To get started, decide what kind of account you want to open—a brokerage account, individual retirement account, or Roth IRA—and determine how much you can afford to put into it each month. From there, you can select the investment ‘buckets’ that align with your goals and time horizons. Then, choose a low-cost index fund or mutual fund that fits your goal amount and risk tolerance.