There’s no such thing as too young when it comes to saving money. And one of the most important things you can do is to start when you’re young. Why? Well there are many benefits as to why you should be investing younger, that’s why we give you some of the top reasons as to why you should start investing sooner rather than later.
One of the biggest benefits of investing money at a younger age is time. Having time on your side just means you have more opportunities to save , learn and grow your finances. A lot of people believe that by dumping large sums into your investments at an older age will be just as valuable, but as history and the economy has taught us, this is not always true. Another benefit of time is it also teaches you the fundamentals of saving at a young age and how to make this a habit for the future. Learning about the different kinds of investments as they are constantly changing and will change with what stage you are at in life will also financially prepare you for long term goals.
Another lesson young adults starting to manage their finances need to learn are the benefits to investing. This is definitely something we can all stay brushed up on when it comes to our finances since things are ever changing. No investing money doesn’t come for free, which means there are usually costs associated with your investments, but there are many financial benefits that can outweigh these fees. Things like tax breaks are a big one, especially when it comes to your Tax Free Savings Account. Your benefits and breaks are all dependent on the type of investing you’re doing, along with your financial means and how disciplined you are when it comes to your savings; but can be a huge financial relief down the road.
Basic Saving 101
Whether you’re transferring money, spending money or getting paid, we are digital everything these days. Including here at GoDay, we’re a virtual money lending company so you don’t have to physically walk into a store, your money will automatically be deposited into your bank account, all done online. What’s also online is your savings, and when it comes to your savings, it’s always the first to be put on the back burner. By investing at a young age you’re also learning core savings skills that help you see how far your money can go and how quickly it adds up. This is also seen with time as mentioned above. Making your investments automatic and online like any other form of payment is one way to force yourself to save and can feel good about money coming out of your account go going somewhere it will continue to grow.
At what age did you start investing? Let us know your investment tips and tricks in the comment section below.