Investment planning is indeed a vital step in the financial planning process. The implementation of a sound and effective investment strategy is necessary to provide financial security and expected returns to meet the objectives of a financial plan.
Like every thing in life, nothing is free. If you want to be rich and financially secure during your retirement years, you have to stomach at least some level of risk in any kind of investment. The correct level of risk tolerance varies from individual to individual. Indeed, it is pointless to make an investment which might double in a short period of time if by virtue of holding that position that individual cannot sleep well and spend endless hours worrying about the state of his investment.