Investments are the natural progression for financial independence. You can think of it like building a pyramid. You start with earning money. Then you go to where you are saving money. You should start early and set aside a percentage of your monthly pay into basic and insured savings. Financial analysts recommend that you should have at least 6 and maybe up to 12 months worth of monthly expenses saved in such an account. From there, you want to progress to more aggressive savings then branch out into putting regular contributions into market equity and debt instruments.
At First Pioneers Federal Credit Union, we offer various investment alternatives. We have CD’s and IRA’s. We have links to Members Financial Network and to SEG’s who can provide avenues for the members to purchase equities and debt instruments (meaning stocks, bonds, mutual funds and even futures, commodities and leveraged instruments). And you don’t have to worry, there are people there who will explain all of this to you and give you advice as to what is appropriate for you. Speaking of advice, you can get one-on-one advice from the staff at the Credit Union.