If you’re serious about investing for your future then the best time to start is now. Ideally, it’d be last year, but no-one’s perfect! You can invest in lots of different ways – stocks and bonds, for example, maybe real estate, or you can find out more about precious metals.
Once you’ve built up even a small investment fund you’ll start to feel peace of mind – you’re on the way to a bigger fund and more security.
Realistically, the younger you are when you start investing, the better it is in the long-term. Those paper-round dollars you stash away in a savings account will have been working away for 40 or 50 years by the time you retire. Overall, the earlier you start, the less you have to invest each month because compound interest will do a lot for you. You can start off with just a few dollars a month in your teens, whereas the older you get, the more you’ll have to invest each month to get the same returns at retirement.
Don’t be scared
There are lots of scare stories out there about people making bad investments and losing their shirts. This can happen, but generally only when people get greedy and impatient. If you take the time to learn about all the types of investment before actually getting adventurous, then you’ll lower your risks. If you do genuinely enjoy the stock market, then “play” with small amounts when you’re young enough to come back from any losses. Once you get nearer to retirement age, start to play it safer.
Find a trustworthy broker
You should be able to get recommendations from family and friends when it comes to brokers and advisers. Of course, you can go it alone, but it pays to have someone on hand to offer tips and advice, as well as warnings! Wealth managers can also set up quite complicated investments to pay for college fees and retirement plans, something that’s beyond most laypeople.
It’s not all about the money
It’s also about time. The time you spend learning about the markets is worth as much, if not more, as the money you invest in them. You may be inexperienced and green now, but it really doesn’t have to stay that way. Investing was once a closed shop, but now there’s online seminars, classes and investment platforms that essentially walk you through it all.
Play with Monopoly money
One option, if you’re a nervous Nellie, is to play around with a dummy platform first. Most online platforms have a pretend section for newbies to try before they buy. This dummy platform uses real live market information so you’re really doing it (kind of). A good tip is to find a group of traders on the site’s forum (there’s bound to be one) that you like the feel of and follow them.
Always think of retirement
Retirement and college fees are the two main reasons that people save. You can have your Individual Retirement Account (IRA) and your Roth IRA, but you’ll need to talk to your advisor to set it up.
*This post is in collaboration with Golden Eagle Coins