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Investing your money is not just for people that have a lot of money. Everyone should be investing in some fashion. When you invest in your future, you provide yourself with the power of feeling financially secure. One of the first places you should be investing is in your employer's 401k, especially if they will match your contribution. Hello free money! You should then get with a financial advisor (assuming you don't know a whole lot about investing) and see where it makes sense to put your money so you reach the financial goals you have set for yourself. If you don't know by now about the power of compound interest, look into it. In a nutshell, the money you invest continues to earn interest on top of interest as you keep putting money in. Over time, you can build up enough money to provide yourself with a nice retirement income that will make your life much more comfortable. As we mentioned above, you don't need to invest thousands a month. Even a contribution of $50 a month can make large gains over time. If you still feel "investing" is too risky, we believe the larger risk is not being in charge of your future financial situation. Check out this investment calculator to see what your estimated retirement savings can be.[Photo by Elle Hughes from Pexels]
Making changes to your financial habits is not easy. One way to help keep yourself on track is to find yourself an accountability partner. This person could be a friend, coworker or a family member. Anyone you can put your faith in that they want to see you succeed and that you can count on them to help you get back on track when you veer off (for most people this is bound to happen). Having an accountability partner provides you with leverage on your goals. With this set up, you tend to work harder to stick to your goals when you know someone is watching. Now that you have some helpful ideas, you should feel inspired to start implementing good money habits now, ahead of the New Year.
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