I’m not talking about markets, I mean how can I tell when my personal finances will allow me to start investing? I want my money to work for me, but I’m still trying to pay the mortgage and put food on the table.
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November 8th, 2009 at 9:47 pm
Of course you do have to pay the mortgage. But there are other expenses that are, shall we say, descrecitionary. And food is one of them. Eating out is something that can be avoided allowing you to use that money to invest.
Quite frankly the sooner you start investing the better off you will be.
Here is the low down.
Assuming you can earn 8% annually, not an impossibilty.
$1.00 invested
after 40 years becomes $21.724
after only 30 years becomes only $10.06
after only 20 years becomes only $4.66
So you see the longer you put off investing the more money you loose.
November 8th, 2009 at 9:47 pm
Its never too early to invest. And investing does not have to cost a lot. Start with $20 a week or $20 a month if thats all you have. It will build up as time goes on and its much better to invest $20 than to spend $20 on needless junk.
November 8th, 2009 at 9:47 pm
If I were you I would start putting aside a little of my earnings aside in order to buy shares in the Stock Market. Just start with your next check and continue to save.
November 8th, 2009 at 9:47 pm
Wait for the cash flow to improve and stabilise. Investment comes only when the money to spare is available. If you want an investment with low investment and high returns, try lottery ticket. A small investment with potential for high returns.
Normally loans and mortgages attract higher interest than what you can expect to earn by safe investments. So, paying off debts is the best investment first.
November 8th, 2009 at 9:47 pm
(When is the right time to start investing money?)
When you can pay your bills and still have some to invest and are old enough to ask.
November 8th, 2009 at 9:47 pm
you might want to ask if your employer offers a 401k or another payroll deduction IRA.
it’s tough to give up the cash but it’s nice to start building a nest egg as soon as you possibly can.
November 8th, 2009 at 9:47 pm
Alot of people do and think just like you.They think they have to wait until they have alot of lose cash around. You should not wait, start today. You can start with a very small amount to open a account and start putting a monthly amount you feel comfortable with; example $50 and set it up so it comes out out every month automatic from your checking account. This way you will not miss it and if you have some extra money some months, you can add that also. $50 you probably spend that every month on something you can do without. You will be surprised on how fast that will grow.
November 8th, 2009 at 9:47 pm
Pay yourself first. Even a little money out of your check into your 401K can make a big difference over time. The government is paying you to put money into your 401K because it is per tax money!
The sooner you start saving the faster it grows.