By Anita Johnson
April is National Financial Literacy Month. As part of a collaborative effort between the Phe’be Foundation and The Cleveland Observer, this article will discuss investments with J. Burner Crew, Managing Partner of Nirvana Analytics. If you have any desire to invest, your primary goal should be to grow your investment. When establishing your investment philosophy, there are three steps Crew recommends:
- Identify your RISK PROFILE. Truly understanding your own risk tolerance is critical. In other words, if you were to take a loss, how would that make you feel and how would you react to a loss in the capital markets?
- Own things that you understand. It will make research a lot more reasonable. Here are a few examples:
- Most people own an iPhone, so own stock in Apple.
- Investing in the cars we drive, clothes we wear and devices we use, will allow you a natural starting point.
- REMAIN balanced/diversified in your approach. Example: no matter how much you like Apple, don’t put all of your money in Apple.
Words of advice from J. Burner Crew, “Continue to pace yourself. It comes down to having disposable income or a disciplined savings plan. We have multiple sources for information. It’s how we digest this information that’s critical!”