Take control of your savings and invest your money

You don't need to be a financial expert or have in-depth knowledge of the stock market to invest your money wisely. With some research and discipline, even novice investors can use simple strategies to start making wise investments.

Many people leave their money in a savings account at their local bank. However, with today's low-interest rates, your money could be working better. If your money sits in a low-interest account, inflation will reduce the purchasing power of your money over time, especially with the high inflationary rate we've been experiencing.

Rather than leaving your money in a low-interest bank account, consider investing it in a way that will give you better results. Many viable options are available, and a financial professional can help you choose the best investment for your needs. With some research, you can find an investment that will provide you with the results you are looking for.

Do your research and establish goals

When investing without any prior experience, you must do your research. Although plenty of resources online can help explain the basics of investing, it's essential to take time to understand the fundamentals. The research will give you a better foundation for making informed decisions when it comes time to invest. Establishing clear goals is also essential, as this will shape which investments are suitable for you and what objectives you should focus on achieving.

Start small and diversify

It may be wise to consider investing in low-risk options such as mutual funds and ETFs rather than stocks or bonds with higher risk and greater volatility due to their single-company focus or market sensitivity. This strategy allows you to get comfortable with the process without having too much exposure or stress over potential losses while seeing potential gains over time. As you gain more knowledge and confidence around investments, you can start branching out into higher-risk options if desired.

Use online resources and tools

Many trusted online tools are available today, making investing more accessible than ever. From automated trading platforms which allow users to buy stocks to comprehensive financial planning sites where users can track their budgeting progress, there is no shortage of helpful tools available for investors who want an extra edge in the market.

The bottom line is that success in investing requires discipline and patience. Try to look at your investments only sometimes if something drastic has happened in the markets, as day-to-day fluctuations aren't worth worrying over and can cause unnecessary stress if monitored too closely.

If you feel overwhelmed with all the information or uncertain about how best to move forward with your investments, reach out for help. Many financial professionals can provide guidance tailored to your situation and investment goals, so don't hesitate when needing assistance. Investing isn't intimidating; all it takes is some dedication and willingness to learn.

This article was written by Melissa Houston from Forbes and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.