How should you begin your investing journey? Maybe you should go for index funds, or maybe you should try picking a stock. Whatever it is, this article will give you a better idea of how to go about deciding what to do for a secure financial future.
Get Started ASAP and Invest Regularly
It's a no-brainer that if you start investing early, you will get way more at retirement than someone who starts 5 years later than you. The key is in the compounding effect of your investments. Here are some figures: 1) At age 25, you invest $4,000 every year. Your portfolio when you're age 65 would be worth over 1.1 million dollars! (Assuming historical 8% average annual return) 2) At age 35, you invest $4,000 every year. Your portfolio when you're age 65 would be worth less than 800k, three hundred thousand dollars less than first scenario, hardly interesting! (Assuming historical 8% average annual return)
How to Jumpstart Your Personal Finance
First off, if you’re reading this, I assume you’re interested in fixing or improving your personal finance. This is only the beginning of a month-long series that would help you to build a solid financial future. Of course, not everybody would be a millionaire at the end of the journey. But if you don’t start doing something now, it’s difficult to even come close to a hundred-thousandaire! My main focus for now would be in investing, which is a major part of personal finance. However, before you even jump into investing, there are 3 things you need to do FIRST:
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About Ken Siew
This is Ken Siew. I always did not have enough because I did not understand money nor success. To figure it all out, I began reading more books and talking to more people, and I'd like to share with you what I've found out here. More...
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Personal Finance School: An Introduction to Effective Personal Finance
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If You’re Smart, You Can Earn Money from Tax Refunds
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Leadership: The Secret of Problem Solving – Part 4
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Are You Struggling with Money No Matter How Much You Earn? Let’s Conquer Your Money Problems!
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Leadership: Crucial Skills Your Experts Forgot to Mention – Part 3
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Leadership: If You Want to be Great, Piss People Off and Get Criticized – Part 2
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Leadership: The “Powell” to Wake Up and Win – Part 1
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Why Being Lucky Is Not What You Think It Is
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