My OperaInvestment Advice Stock Pro Tips
Saturday, March 17, 2012 9:22:39 AM
One of the main reasons that people put off saving and investing is that they don't think they have the money to do it. However, starting a savings plan doesn't take a lot of money or financial knowledge. With a few easy steps, you can start investing for your future today.
Step #1: Write down your goals. If you are thinking about how nice it would to be rich, that's nice. It may have gotten you to thinking about investing, but you will need something more to keep you on the path to success. You need goals. A goal is what will keep you motivated. Sit down and identify your goals. You may only have two main goals: send your children to college and retire comfortable. These are the best goals you can have. But go ahead and throw a goal in that is purely selfish. You may want to go to Europe one day. Perhaps you want to buy a boat or a cabin in the mountains. Whatever your goal is, write it down. This is essential in savings. You have to know what you are saving for.
Don't just write your goals down, work on making them come true. Look at your goals often. Put them on your computer, tape them to the refrigerator, put a post it in your wallet. Remember that every dollar you spend is taking you away from your goal. Every dollar you save puts you closer.
Step #2. Get some money to invest. If you are like most people you are probably spending as much money as you make (or more). So where do you find the money to invest? Make a budget and track your expenses, you will amazed at how much money is leaking from your wallet. Cut back on a few unnecessary items and you can start investing straight away.
If you save $25 a month for 30 years, and earn a 8% annual return on your investment, you will have $29,346.47. Not enough to retire on, but certainly enough to go to Europe. If you can invest $25 dollars a week for 30 years, you end up with $127,953.53. The more you save and invest, the more interest you will earn. Think about it, by just giving up your morning coffee on the way to work and investing the money you are able to build a sizable investment.
Run an online investment calculator to see just how much you could save by simply cutting back on your spending. Investing doesn't take a lot of money. You can invest a small amount and give it time to grow. Actually, you are better off investing a little at a time than letting it build up in your savings account for ten years and then investing it. If you find that it is difficult for you to save, you need to pay yourself first. Set up an automatic withdrawal each month from your checking account to your investing account. This means that you pay your savings just as you would a bill. No more excuses. You can't put it off just one more month.
Step #3: Invest for the long term. Short term get rich quick schemes seem like a good idea but usually they are to good to be true. If you have long term goals then you should stick to your long term plan. Investing in the stock market has proved to be a winning strategy over the long term. Sure there are times when the stock market crashes but this is rare and the overall direction has been up for the past few decades.
Investing for the long term doesn't mean you can invest and then forget. You should always keep yourself educated about the latest investment trends and take advantage of them when they occur. Just keep in mind that the higher the returns the greater the risks so if something seems to good to be true it most likely is. A little research on the internet can usually help you find what is a good and what is a bad investment.
See, it isn't that hard to start investing. Now get out that pen and paper and start setting your goals.
online trading, mutual funds
Step #1: Write down your goals. If you are thinking about how nice it would to be rich, that's nice. It may have gotten you to thinking about investing, but you will need something more to keep you on the path to success. You need goals. A goal is what will keep you motivated. Sit down and identify your goals. You may only have two main goals: send your children to college and retire comfortable. These are the best goals you can have. But go ahead and throw a goal in that is purely selfish. You may want to go to Europe one day. Perhaps you want to buy a boat or a cabin in the mountains. Whatever your goal is, write it down. This is essential in savings. You have to know what you are saving for.
Don't just write your goals down, work on making them come true. Look at your goals often. Put them on your computer, tape them to the refrigerator, put a post it in your wallet. Remember that every dollar you spend is taking you away from your goal. Every dollar you save puts you closer.
Step #2. Get some money to invest. If you are like most people you are probably spending as much money as you make (or more). So where do you find the money to invest? Make a budget and track your expenses, you will amazed at how much money is leaking from your wallet. Cut back on a few unnecessary items and you can start investing straight away.
If you save $25 a month for 30 years, and earn a 8% annual return on your investment, you will have $29,346.47. Not enough to retire on, but certainly enough to go to Europe. If you can invest $25 dollars a week for 30 years, you end up with $127,953.53. The more you save and invest, the more interest you will earn. Think about it, by just giving up your morning coffee on the way to work and investing the money you are able to build a sizable investment.
Run an online investment calculator to see just how much you could save by simply cutting back on your spending. Investing doesn't take a lot of money. You can invest a small amount and give it time to grow. Actually, you are better off investing a little at a time than letting it build up in your savings account for ten years and then investing it. If you find that it is difficult for you to save, you need to pay yourself first. Set up an automatic withdrawal each month from your checking account to your investing account. This means that you pay your savings just as you would a bill. No more excuses. You can't put it off just one more month.
Step #3: Invest for the long term. Short term get rich quick schemes seem like a good idea but usually they are to good to be true. If you have long term goals then you should stick to your long term plan. Investing in the stock market has proved to be a winning strategy over the long term. Sure there are times when the stock market crashes but this is rare and the overall direction has been up for the past few decades.
Investing for the long term doesn't mean you can invest and then forget. You should always keep yourself educated about the latest investment trends and take advantage of them when they occur. Just keep in mind that the higher the returns the greater the risks so if something seems to good to be true it most likely is. A little research on the internet can usually help you find what is a good and what is a bad investment.
See, it isn't that hard to start investing. Now get out that pen and paper and start setting your goals.
online trading, mutual funds
