One of the key ingredients to building wealth is to start as early as possible. But for most of the young people, life in the 20s is all about experimentation, freedom, fun, change and growth. Often it’s where we make the big mistakes, and learn the most important lessons. It’s no different when it comes to our finances.
With student loans to pay off, first-time independent living expenses, and many more of those other costs that is so much fun to do it’s very easy to fall into the trap of living pay check to pay check and sometimes sliding into the debt of credit cards. When we’re young, we tend to dismiss all types of money situations as fleeting – something that can easily be solved by the next raise or bonus that’s on the horizon. But that is never the case and if you look around, you will see that most of the people who are well off always started out early.
Experts at InvestingAnswers say that starting at a young age; you have one huge advantage over most people as you build your wealth, time. The earlier you start investing, the more time your money has to compound and grow. Just think — if you were to start investing $100 each month into the stock market and you earn an average return of 8% per year, your investment account could grow to $104,241 by the time you turned 45 and to a whopping $572,477 by your 65th birthday.
So do not wait a week or a month to start as if you keep waiting the day will never come. Start out as soon as possible. The earlier you start investing, the better off you will be. Start investing early for a great and secure future—right now. But always remember that investing is not some get-rich-quick trick.
By G+ Author: Chrissy Reese.