Your Guide to Investments is a great way to grow your money. But it can also be complex and intimidating, especially for newbies. Fortunately, you don’t have to become an expert investor to make sound financial decisions.

Start by determining your investing goals and when you’ll need the funds (your “time horizon”). This will help you choose the right accounts, strategies, and investments. For example, if you’re saving for retirement, it might be best to invest in tax-advantaged accounts like individual retirement account (IRA) and 529 plans. And if you’re buying a home, you may want to consider using a down payment investment account.

You’ll also need to determine your level of risk tolerance. This will help you avoid making emotional investment decisions. For instance, if you’re investing for retirement, you might need to tolerate some market volatility since your investment is meant to last for decades. But if you’re saving for a down payment on a home, you might be willing to take less risk because your goal is less time-sensitive.

Once you’ve figured out your investment goals and risk tolerance, set up a long-term investment plan and stick to it. This will allow you to reap the benefits of compound earnings. In addition, investing in the longer term gives you a chance to beat the cost-of-living increases caused by inflation. And it will help you avoid the trap of buyer’s remorse if markets drop — which happens to even savvy investors.