Investing your hard-earned money is a great way to make a significant amount of passive income, but if you aren't careful, you could make mistakes that cost you. Here are three fantastic reasons to think about doing some financial planning before you start investing.
1. Understand Your Assets and Liabilities
Every person has a list of assets and liabilities, whether you have a home and a car or you are concerned about some lingering debts.
In the investment world, you can hire an investment broker-dealer who works for a full-service or discount firm, or you can hire an independent broker-dealer. The independent broker-dealer has multiple advantages over the other two types of broker-dealers who work for different firms. Here are three reasons why you should hire the independent broker-dealer over the other two alternatives.
"Full-Service" Is Lacking
A "full service" broker-dealer firm does not have nearly all of the investment options that an independent agent does.