Monique Todd
Contributor

Investing was once a word that spoke only to the 'idle rich', but the good news is that investing is no longer only for the wealthy and affluent. A number of companies now offer a variety of investment options for a relatively small sum of money. How can you go about starting to invest easily with getting confused?

Set Your Goal
What would you like to get from your investment? A new house, a car, money for education, or a comfortable retirement? The goal you set will help point you in the direction of the investment option that best fits your needs.

Over What Time Span Would You Like to Achieve Your Goal?
Now that your goals are set, within what timeframe would you like to achieve them? Is it 5 years? 10 years? or 20 years? This question is crucial and help you to decide the best investment products that will perform best.

What is Your Appetite for Risk?
Don't panic here! You have to shy away from investing if the answer to this question is, "No". There are many options that range from stocks, for those who don't mind taking risk, to virtually risk-free Government securities. Choose based on your preference.

Do Your Research
Research is crucial. It's always important when dealing with your hard-earned money. Look at company brochures that offer product descriptions or even daily newspaper articles. Before you make any investment decision, be sure you have all the details.

Identify an Investment Advisor
An Investment Advisor should be licensed by the Financial Services Commission (FSC). These individuals have been trained and are certified to help you select the best option for you and they exist in virtually all the Jamaican companies that offer investment services.

Track Your Progress
Keep in constant touch with your Investment Advisor to maintain consistent and maximum results. Periodically review your investments to ensure optimal returns, as your individual needs change over time.

Monique Todd is director of wealth marketing at Scotia DBG