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Ask yourself when you will need to use the money. Establishing a solid and reasonable timeframe that you can adhere to is crucial to the success of your investments. This shouldn’t be too hard if you’ve answered the first question. If the main goal for your investments is to create some quick cash in the next few years to purchase a car or down payment for a house, you’ll have a much different investment plan than if your main goal was to start a nest egg by putting money into a 401(k) for the next twenty-plus years. Of course, you may have more than one investment goal, and regardless of whether it’s short or long term, you’ll want to establish a solid timeframe to work around.
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