If you want a shot at becoming wealthy, you need to do more than simply earn money. You may be thinking to yourself – this is not the time to talk about investing. You’re panicking about your job, that argument with your best friend, your cat behaving even more weirdly than usual – and don’t even get me started on your love life. But really, there’s NO GOOD time to talk about investing. Ultimately, you have to be disciplined enough to hold onto the money you earn – to then take the next step in learning how to make your money grow.
And the best way to grow your money is by learning how to invest. It’s as simple as that. When you become an investor, you’ll be using your money to acquire things that offer the potential for profitable returns through one or more of the following:
As you learn to become an investor, you will begin to devote your limited resources to the things with the largest potential for returns. That may be paying down debt, going back to school, or fixing up a two-family house. Of course, it may also mean buying stocks and bonds, or at least mutual funds or exchange-traded funds. Thanks to advances in technology, you can start to invest with as little as $5 a month and a smartphone. It’s our job to help you filter out the noise, learn the basics, and make good investment decisions from the start.
The answer to that is pretty simple. The right time is now. Investing sounds more intimidating than it is. Yes, there’s always a potential risk for loss, but there’s an even bigger potential for serious gain. Doing anything for the first time can be terrifying, especially when it involves your hard-earned cash. But here’s some advice for first-time investors.Investing for the first time
Investing is like religion—people have some strong opinions and may even belong to one of many sects or schools of thought. Here are a few that come to mind:
If you already belong strongly to one of the above camps, you may not find the investing resources on Money Under 30 useful. If, however, you have an open mind and are interested in learning simple strategies for successful lifelong investing — without any gimmicks—then read on. If you’re on the fence about where and when you should invest, make sure you’re taking advantage of guaranteed interest rates. High yield online savings accounts are currently offering up to 1% with FDIC insurance (which means your money is insured by the federal government).