Some of you may have handled your family's finances all along, while others may be new to the world of investing. No matter what your level of expertise, there's always room to learn more and adjust your plan based on your current circumstances.

Because many women will end up being solely responsible for their own financial well-being at some point in their lives, it's critical that they have a sound understanding of the investment world and the confidence to make appropriate investing decisions.

Determining appropriate investment strategies isn't an exact science. But there are some steps you can take to help you get started.

-1) If you're a beginning investor

You'll want to learn simple investing terms, concepts, and types of investments, such as the difference between a stock, bond, and mutual fund; asset allocation; diversification; cash equivalents; dollar-cost averaging; and the risk vs. return dynamic.

• Take small steps and learn as you go. You don't have to do everything at once.

• Don't postpone getting started. The longer you wait, the fewer options you may have.

• Don't be afraid to ask questions.

-2) If you're a more experienced investor:

Make sure your portfolio is in line with your investing goals, time horizon, and risk tolerance.

Look for ways to manage risk. The key is to try to maximize investment returns at a level of risk that you’re comfortable with.

-3) Understand what you own and what role each investment plays in your portfolio.

Keep an eye out for investing ideas. Women are often in a unique position to do this because typically they are in charge of most purchasing decisions for their household. So they already have an eye on the marketplace where they can observe products and consumer behavior.

Consider the impact of taxes, fees, trading costs, and inflation. If you've amassed substantial assets, you might benefit from expert help in the areas of tax planning, estate planning, and asset protection.

-4) Make ongoing adjustments as needed to reflect your circumstances.

And have a game plan to avoid knee-jerk reactions in volatile markets. You don't want to be jumping ship on certain investments just because that's what everyone else is doing.

-5) Becoming a more knowledgeable investor includes other things, too.

It means being willing to admit mistakes, deal with them, and move on. There is a saying: "Good investors know how to take profits; great investors know how to take losses."

If an investment isn't working, sometimes it's better to cut your losses than hang on and on for a turnaround that may never come.

Be risk-averse--in the right way. While investing conservatively can be a good strategy at times, for longer-term goals like retirement, it can be a liability.

If you're investing far too conservatively than is appropriate for your goals and circumstances, you may find that you have less money than you hoped for. Make the most of the years you have ahead to grow wealth.

-6) Know when to get professional help.

Being a good investor doesn't mean you have to do everything yourself. I can help you create an appropriate investment strategy that’s appropriate for you.

PARIS Financial Planning specializes in providing financial planning solutions for women.

Contact us for more information about our education, management, and wealth building services.

Take the first step. Let's get acquainted. I listen and inquire about your goals, past and present experiences and family concerns. Tell me your story and I will design a plan based on your goals, your purpose, your values and what's important to you.

Schedule your FREE 30-minute Strategy Session Today!

PARIS Financial Planning provides women conservative strategies to grow their wealth during accumulation/savings years to protect their wealth during their retirement years and tax-advantaged strategies to distribute their wealth during their life and upon their death.

"I am on a mission to revolutionize women's relationship with their money."

Contact me to learn how to master the feminine approach to building wealth