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Investments

Your No. 1 investment priority should be funding your own retirement. Saving for a child's education is less important.

Put money aside regularly, in a variety of stocks and mutual funds.

Consider several investment vehicles when putting aside money: the 401(k) plan, the Roth IRA, the Individual Retirement Account (IRA), the Simplified Employee Pension (SEP), and the Simple IRA.

When you're investing for retirement, the growth potential of stocks is a better bet than conservative investments such as certificates of deposit, which barely keep up with inflation.

To minimize the risks of investing in stocks, consider stock mutual funds. Mutual funds limit your risk by giving you a small part of a big basket of companies.

One low-tech investment strategy is to invest in an assortment of index funds. Some index funds aim to match the performance of the Standard and Poors 500 or other market indexes.

Don't expect huge gains each year and don't worry about huge losses in the short-term. Keep your eye on the target, which is long-term, 10 years or longer.

If you see your investments take a tumble and you can't sleep at night because of it, switch to a more conservative investment strategy, such as a balanced fund, a lower-risk combinations of stocks and bonds.

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