The New Year has begun and people are looking to make healthy lifestyle choices now more than ever. According to a recent survey by Fidelity Investment, over half of consumers have set financial resolutions for the New Year of 2015. While these resolutions are good willed, they are bound to fall through without the knowledge to actually make them happen. Fortunately, Columbia Law School trained attorney and capital strategist Sam Tabar has come up with the perfect investment tips to make 2015 a profitable year and shared them with CNBC.
The first thing Tabar urges novice investors not to do is to make risky investments. One type of investment that can be quite risky is a commodity trade. This market is more likely to change rapidly and unpredictably so investors should at least do their research before getting involved in a commodity trade. It is also important to note that high-risk investments require more start up money since they might result in short-term losses before producing a return.
Another avenue that investors can take is investing in private markets. For example, this can be done by investing in entrepreneurs and their ideas or start up businesses. This, again, requires a lot of research on the investors part, so they know what they are getting themselves into. However, as long as the investment is a wise decision, they are a great way to help other people in making their dreams come true.
No matter which stock market investors decide to get involved with first, Tabar urges them to keep their portfolio diverse. This way they will always have a stock to fall back on in case another one did not turn out as well as hoped. Lastly, Tabar’s most important advice is to start investing now. Often times investors hesitate to make their first investment and end up doing nothing at all. It would be unfortunate for people to end up in their retirement without having made any investments in the past to help them live a more comfortable life. After all, there is no better time than the present.