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When you’re fresh out of university and you’ve landed your first job, investing may not be on top of your priority list. You may think that you have all your life ahead of you to do just that. However, that’s the kind of thinking that could cost you much more money in the future.
Retirement may be far from your mind right now, but when you’re forty-five and tired of the daily grind, you’ll wish you had enough money saved, so you can retire early.
When you’re young and you don’t have the responsibilities of a family just yet, investing some of that hard-earned money may be one of the best decisions you’ll ever make.
Here are very good reasons why:
You Have The Advantage of Time.
When you start investing while you’re young, it only makes sense that you’ll make more money by the time you retire compared to those who started investing in their 40s. Most people figure they can start investing later while they squander their money now by buying more clothes and gadgets they don’t actually need. Imagine if you don’t change your mobile phone every year when a new model comes out, or you don’t buy that designer bag just yet because you have a few pieces already. These things cost hundreds of dollars that you could invest in, such as Forex, properties, or bonds. When you invest in Forex, you don’t need to have thousands of dollars as your initial investment.
There are a lot of investment ideas for young Australians out there. It could just be a few hundred and you’ll soon find that your returns will be higher because you started early. Gadgets, designer bags, clothes, and a new car can wait for a bit.
Take More Risks
When you’re young, you have a day job and have no family of your own, yet. With this fact, you can take more risks when it comes to investments.
If you lose on one investment, you have time to recover from the mistakes that you made and gain more money, so you can reinvest. Those who start investing near their retirement age don’t have the luxury to be aggressive in their investments because they simply don’t have time to earn what they’ve lost.
Develop Better Spending Habits
Everybody has gone through the phase of spending way more than one should. When compulsive buying is not stopped, you may end up being in debt instead of saving money.
It’s easy to swipe a credit card and pay the bill later. However, when you think of investing some of your money and thinking of more ways on how to make it grow, you’ll eventually be able to curb your compulsive buying behaviour. You’ll develop good spending habits, such as knowing which products to buy right now and what not to because you don’t need it as of the moment.
Better Quality of Life.
If you start investing wisely in your 20s, even in your late 20s, you’ll most likely be set and able to retire before you turn 65. You could even retire when you turn 50.
At this age, you’ll be able to enjoy the fruits of your labor because you have become financially independent. You’ll live a life that’s comfortable and could even afford some luxurious stuff. You will be able to sustain your family without a day job and afford medical and health expenses. Additionally, you’ll still have money coming in from all the investments that you’ve made.
Most children at the age of four or five already know how to use a mobile phone or a tablet. The advantage of the younger generation now is that you’re more tech-savvy.
Everything you need to learn about investing, such as cryptocurrency, can be found online. It would be easy for you to navigate through their platform. Many people in their 70s who want to invest have to do it the old-fashioned way, such as buying properties. While you can also do that, there are also more options for you on the world wide web.
Being young is an advantage. Even if you have a high paying job, you still need to invest, so you can actually walk away from that job the moment you’re earning more on the side and can be financially independent. However, when you’re young, it’s not easy to set aside money for investments. It takes commitment and determination, but if you make the right decision, you know that you’ll never regret doing it.
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