When I was younger, no one sat down with me and explained the world of investing to me. I remember when I was a teenager, wondering about what these things called mutual funds were, but I never actually figured it out until much later.
To further that, I figured at the time that I never had enough money when I was young to make a dent into the world of investing. This was dead wrong and the thought process a lot of people get pulled into and they shouldn’t.
I wish someone had explained investing to me because the earlier that you invest your money, even if it’s not a significant amount of money, the more compound interest you have the opportunity to earn in your lifetime.
Speaking of compound interest, I wrote a post last year called How to Get Rich & Retire By Age 50, where I show you that even setting aside $1000 a year can fill out a very nice retirement fund by the time you are 50 years old. The key to making this happen is to started investing early, even if the investment each month is not very much.
In these examples, I am only suggesting you invest a whopping $84 a month starting at the age of 18. If you do just that, at an aggressive growth stock strategy and watching what you are investing in, you could have over $2,000,000 by the age of 50.[Read More…]