It may seem like you have all of the time in the world to start investing your money, but starting early gives you a financial leg up that can translate into hundreds of thousands more in returns.
We’ve listed the four best reasons to start investing your money right away, and shared some helpful tips to start you off.
Advantage of Time
The more time you have between making your investments and cashing them in, the bigger risks you can take. Big risks can translate to big rewards, but they can also lead to big losses. It’s important to take these chances while you still have time to make up for a move that may go wrong.
Lifelong Spending Habits
Investing forces you to budget your income and make difficult decisions about your spending. By forming healthy spending and saving habits at a young age, you can carry them with you forever. Practicing restraint now may be hard, but it will prove to be worth it during retirement.
Less Now or More Later
You can invest small amounts now, and end up with the same amount of money (or more) as someone who had to invest much more because they started later.
Compound Interest Adds Up
You’ve probably heard this a thousand times in your introduction to finance course, but it’s true. The money that you’ll earn from continually reinvesting your money can make a huge difference in your overall returns.
Investing forces you to budget your income and make difficult decisions about your spending.
Get Ready For Tomorrow, Today!
Start with a broader financial plan
It’s important to take into account other financial obligations before jumping in head first. You should limit discretionary spending, but you shouldn’t prioritize investing over paying rent.
The right advisor
Finding the right financial advisor is an important first step in planning for your future. Use our SmartSearch tool to find a professional that can help you navigate the tricky world of investing.
If you start early enough, you can invest as little as 1% of your income, and then gradually grow this percentage until you’ve reached the 50:30:20 threshold.
Don’t forget to invest in yourself
Studies have proven that if you look good, you feel confident, and you perform better. So buy that new suit or invest in a gym membership.
Workshop Title - Financial Learning Session 1 Take action today!
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