If you, like them, are interested in learning more about investments, then the following tips are for you:
Read as much as you can
Reading numerous online articles and books on investing will give you the knowledge and understanding you’ll need to become a successful, savvy, investor. Leading professional investors are happy to share their tips, tricks, and insights from the world of investing – saving you years of trial and error. There’s no reason to reinvent the wheel. If you get up to speed on best practices you can hit the ground running.
Before you set out on your own to face the wild, consider finding a mentor. A seasoned expert will be able to coach you through your first investments. Shadowing a professional investor will also help you gain precious real-world experience in reasoning and decision making and give you a competitive edge. Most successful investors will tell you that the secrets to their own success are the greats they’ve emulated, the masters they’ve learned from, and the company they keep.
Pay off high-interest debts first
Before you even consider investing, be sure to get your student loans under control. It’s not wise to risk your money in the market before paying off the debts that are costing you in interest every month. Paying down a debt that has a 15% interest rate is like netting a 15% return every month as you pay it down – a pretty decent payoff.
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...today can turn into big returns in the future. Starting with an initial investment of $1000 and adding only $100 a month to your investments at an 8% return, means that you could have more than $332,000 saved after 40 years. However, if you wait a decade to start investing you’ll wind up with only half that amount, only $146,000, by the time you hit retirement age. If you don’t believe the math check the numbers for yourself with an online compound interest calculator.
If you spend time reading, learning, job shadowing, and investing early and often you’re sure to be in much better shape financially than your peers. While they’re busy looking for the next best frat party you’ll be learning how to invest and seeing those returns grow – putting you in a great financial position to grab life by the horns, unhindered by debts an financial constraints, in the years ahead.
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