Even when money is tight, there are still opportunities to build wealth through smart investing. A simple savings account is a form of investing, so you may already be an investor.

Now it's time to broaden your understanding and your level of investing, because you can't expect to build wealth without a sound investment strategy. (Day trading on the Internet doesn't count as a sound investment strategy.) If you've never invested before, or if you want to go beyond savings accounts and certificates of deposit, or CDs, here are got some tips to get you started:

n Decide how much risk you can tolerate. To earn greater returns on your investments, you have to be willing to take greater risks. Your tolerance for risk - and that means the risk of losing some or all of the money you've invested - should be a key factor in choosing investments and how much to invest.

For example, the group of assets with the lowest risk includes cash, CDs or money market funds. They also offer the lowest, most predictable, return. Bonds offer a better return and slightly higher risk, and stocks present the possibility of even greater returns with greater risk.

There are investments riskier than stocks (commodities, hedge funds and such) but if you're a beginner, you're probably not prepared for that level of risk yet.

A big part of being a smart investor is first understanding three things about yourself: your tolerance for risk; your financial goals; and your expectations for how quickly you need to meet those goals.

When you understand those three elements, you can develop a sound approach to investing that won't give you indigestion, even when the market has a bad day.

n Think long term. Investing comes with ups and downs, gains and losses, but over time you should see the expected returns. If you don't have the patience to let your long-term investments sit for the long term, you won't be a good investor. Riskier investments can have a bigger payoff, but the more volatile the asset class (stocks, commodities, etc.), the more time you need to let the ups and downs work themselves out. A strictly short-term, high-risk, get-rich-quick approach to investing could be hazardous to your financial health.

n Diversify. If you put all your money into the latest hot stock, then the stock crashes, there goes all your money. Diversification means spreading your money out among different asset classes and choosing investments that don't act alike. That's how you smooth out the bumps in the road to wealth.

You could balance international with domestic or large cap with small cap or growth with value, for example. You could choose a mix of cash, bond and stock vehicles to ensure you've got some money in all three asset classes. Then, you'd be able to count on the low-risk investments for the "rainy day" scenario, while you let the higher risk, longer term investments build up your wealth.

n Research and use trusted professionals. Making good investment decisions falls somewhere between rocket science and a walk in the park. If you've got the discipline and the time to do the research, understand the numbers and their implications, and keep a cool head while you make clear-headed financial decisions, go for it.

But if you'd rather rely on a professional for advice, then do a little research, ask for recommendations and take time to find someone who's respected, trustworthy and well-informed. You want a professional who'll listen to your goals and concerns, educate you about your options and see you through whatever the future brings.

Scott Kelly is president of Johnson Bank - Racine, a subsidiary of Johnson Financial Group. Johnson Financial Group is a $4.9 billion financial services company providing retail and commercial banking, trust, investment and insurance services.