to put your money, but to keep up with inflation and the rising cost of living, it's
also critical to invest," Kallsen said. "The sooner you start investing, the longer your money has time to gain from rises in the market and the power of compounding and to recover from any downturns." Once you're invested, it's important to stay engaged to stay on track. Keep an eye on your investment fees and make sure to rebalance about once a year, added Kallsen.
Take Charles Schwab's Modern Wealth Quiz and learn more about your money personality and tips and tricks to help reach your financial goals.
This article is sponsored by Charles Schwab & Co., Inc., Member SIPC. This sponsored article is presented by Brandpoint. (0719-998W)
2) Do you set goals or go with the flow?
While most Americans say they've thought about their financial goals, only 28 percent have taken the time to put their goals in writing, the survey shows. Another 25 percent say they don't have any plan at all. "Planning can be a key indicator of your money personality, because how much you engage with your finances is often closely tied to how confident you feel about reaching your goals," Kallsen said.
3) Are you an engaged investor or a sideline saver?
Most Americans have a traditional checking and savings account, according to the survey, but only about half have some kind of investing account. "Savings accounts are often seen as a safe place