Investing for the First Time? Here are 3 Secrets to Set You on Path of Success
Most people think that in order to make an investment, you must have hundreds of thousands of dollars in your bank account. What they don’t realize is that literally anyone can start investing even if you only have $20 to spare. It can be pretty difficult to invest especially if you are the type to not really save up. A massive percentage of millennials don’t have savings, and there are also a lot of them who are in debt because of loans and credit cards, so most of them don’t invest at all.
More and more people are testing the waters when it comes to investing, but most of them tend to have a hard time since they don’t exactly know where to start. Here are a couple of tips for newbies like you who don’t have much money or experience when it comes to investing.
Invest In Yourself First
One of the richest and most successful men in the world started to invest at the age of 11. Warren Buffett bought three shares of Cities Service, bought a 40-acre farm when he was in high school, and by the time he finished his degree in college he managed to get almost $10,000 from it which is worth more than a hundred thousand dollars today.
It may seem so inspiring to start investing now, but Buffet believes that before you start getting interested in investing, it is best to invest in yourself first. Investing doesn’t always require money, sometimes when you have to invest in yourself it usually means that you must invest in knowledge and wisdom. This is something that is free especially with the internet nowadays. Investing in having enough knowledge to pursue the kind of investment you want to be a part of, may be something that can inspire you.
It is never okay to invest on something that you have no knowledge about. It is easier to invest on something that you like since it will be beneficial for you not just financially.
Save Then Invest
Another great way to start investing is to first save enough money for it. It is impossible for you to invest if you don’t have any money, same goes with the fact that you cannot save if you don’t earn money. Keep in mind it takes time, which is why it may be something very difficult for those who are not used to saving. Being able to invest usually inspire those who don’t like to save, since they will be able to have something that will push them.
Investing can be something that will make you invest more, or will traumatize you. It is always ideal to know the risks so that you don’t have to waste what you saved up and invested. Buffett once said that it is very important to not risk the important things for anything unnecessary. Basic common sense is what some people lack hence they always find themselves in a very difficult position.
Avoid Credit Cards
Investing also requires commitment and focus as well as having the knowledge and attentiveness when it comes to your financial condition. One particular thing that may affect your way to investing is by using credit cards. It may seem like a good thing to use them to boost your credit score, then have it as an advantage when it comes to getting loans, it may not be ideal if you’re looking to invest. Credit cards are usually pushing or encouraging people to spend money that they don’t have yet, on the things that are not necessary. Once the bill comes you won’t just have to pay for what you owe, but you also need to pay for the interest which means you spend more than you should. People save and then invest so that their money will grow, so using credit cards is like doing the opposite.
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