Are you in your 20’s or 30’s and just starting to think about how to acquire wealth? It’s not as difficult as it looks. Here are 5 simple tips to get you started. You’ll thank yourself later!
Start Early– Even if you can’t afford to save much, starting early and forming the habit of saving is one of the most important actions a young investor can take.
Time is on your side– Einstein called compounding the 8th wonder of the world—the more time you have, the greater the wonder. One dollar saved in your 20’s potentially has time to double multiple times before retirement.
Be Aggressive– Being young affords you the opportunity to take greater risks. With more risk an investor can expect potential greater long-run returns which can be a big help to reaching long-term goals.
Don’t get Discouraged– Markets will fluctuate, life events will happen, someone you don’t agree with will get elected. Don’t let these things affect your saving—stay on track and think positive.
Kept Debt under control– Debt can be tempting and in some cases, such as education or a mortgage, it makes sense. Choose wisely and don’t overdo it.
Any opinions are those of Jeff Hausinger and not necessarily those of RJFS or Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected.