"To create an investment plan, you need to have an emergency fund in place. Make sure that the money invested, you will not need for the next 5 to 7 years. Use your 401k employer's match if possible. Investing done right is not like gambling. Gambling is taking risks that are not likely to pay off and has more risk that you can afford to lose. Investing is taking a long-term disciplined approach and calculated risks are more likely to pay off over time," says Carrie Schwab Pomerantz.