Money Matters: Learn investing insight from vacation ventures

Reported by: Brittany Price
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Updated: 6/04/2014 10:52 am
While vacation is fun and relaxing, there's a fair amount of planning involved. 

The number one thing is to secure your home. 

"Before you leave on a vacation, if you're going to be gone a while, you make sure your house is secured," Financial Adviser, Tommy Wood said.  

The same principle can be applied to investing.

"Making sure you've got appropriate life insurance and disability insurance," Wood said.  

Number two is to know your route. 

"If you're going to be driving, you get out the map and plan where you're going to go," Wood said.  

The same type of strategy is true for investing. 

"Have that groundwork laid and establish what the plan is for how you're going to accomplish those goals," Wood said.  

Number three is keeping enough gas in the tank. 

"When it comes to investing, it's very important to have investments that provide protection from inflation," Wood said.  

That investing "fuel" will enhance growth potential, just don't forget to re-fuel along the way. 

"You don't put a portfolio together, set it aside and forget it. It also need to be re-balanced and re-adjusted from time to time," Wood said.  

Number four is protecting yourself from getting burned. 

"People going to the beach are putting on sunscreen to make sure they're not going to get burned and whatnot," Wood said.  

Investing is the same way. 

"It's very important to make sure you don't wind up doing too much with one investment," Wood said.  

Wood added while diversification won't guarantee against a loss, it will minimize the chances of getting burned by one weak investment. 
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