Investing. It can be an intimidating word if you aren't doing it. But, if you are, and if you understand your investment process, that intimidating feeling shifts to empowerment. If you are currently intimidated, here arethe three things you should know before you start investing. 1. Investing is not exclusive to the old or wealthy A lot of people associate investing with older people, or people who have a lot of money. This is one of my biggest pet peeves, because investing is for everyone- regardless of your age and income. It is not a tool exclusively for wealth that's already there- it's a tool for building it. Versus 37 years. The difference in principle, or the amount you actually invested, is only $18,000 (three years of $6000) yet the difference in ending balance is close to $250k. This is why so many people harp on about compounding interest, because WOW. 2. Consistency is crucial When you have a long time-horizon for investing, i.e. if you are in your 20's and saving for retirement in your 60's, consistency is going to be your greatest superpower when it comes to building your account. And the good news is, it's not all that hard to be consistent with the help of automation. Figure out how much you can afford to put away each month, set up an automatic withdrawal from your bank account to your investment account, and then set up an automatic investment schedule for those funds a few days after. 3. Understanding what you're investing in will help you stick with a long-term strategy This is probably the most confusing area, and that's because there is a lot of stuff out there that can go into investment allocations and portfolios. Let's start with the basics. 0 Comments | ArchivesApril 2021 CategoriesAll RSS Feed |
Three Things To Know Before You Start Investing (2024)
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