What are your investing goals?
What's your motivation for investing?
Is it to prepare for the future, like retirement? Or perhaps save and invest for a major purchase or expense? Do you feel you have too much in the bank that isn't earning as much as it could be by being invested?
Why do you want to invest?
Investing is a great way to grow your money beyond simply saving it and letting the balance increase. Do you have time to let the investment work for you or would you be putting too much at risk of market volatility?
When do you plan to use your money that you've invested?
Do you have at least 3 years before you'd use the money you plan to invest? Generally, if you plan to use the money in under 3 years, it is best to keep it in bank accounts so that you don't run the risk of losing money and not having time to let it recover before you need it.
How will you use it?
Will it be used as a lump sum, random withdrawals over time or withdrawn at regular intervals?
Is this money you plan to live on or leave on?
Is this money for you or for your beneficiary(ies)?
Your answers to these questions are important as they are details that support suitability and the right type of account and investments based on your objectives. If you don't know the answers to these questions, hire a CFP® to help guide you in your investing and planning decisions. You don't want to be years down the road with your investment only to learn that you made a mistake.