People focus a lot of time and energy on trying to find the “best” stocks, mutual funds or other investments. Magazines and TV devote their existence to this search and there are countless books and articles about it. There are entire industries built around this wild goose chase.
But let’s clear this up once and for all:
THERE IS NO SUCH THING AS “THE” BEST INVESTMENT!
This widespread belief that somewhere there exists an investment that is better that all others simply does not make sense. No single investment is right for everyone. The best investments for you depend on personal factors such as your goals, your personality, your life experience, your credit card balance, age, etc. The list is endless.
Financial products, including things like bank accounts, annuities, insurance policies as well as investments, should be judged on how well they help you reach your goals. Remember you are unique, so are your goals. Your goals are not your neighbors, co-workers or the talking head on CNBC. Since your goals are unique, what might be right for you could be a disaster for someone else and visa versa. Your focus should be on what is best for you.