I'll keep this short, for anyone that is in a rush. My advice is to invest money every month! No interruptions. No excuses.
Why did I choose this over any other thing I could have mentioned? First of all, because it's fairly easy to implement. You basically set aside a percentage of your paycheck (some people recommend 10%, others 15%) that automatically goes into an investment account. Simply open an investment account, link it to your bank account, choose an amount to send their way, and away you go!
Second of all, the payoff is huge! Suppose that you initially invest $500 into an account that has an annual rate of return of 7%, and all you did was feed it $100 per month from age 18 to age 30. Your investment of $14,900 (initial $500 plus $100 per month for 12 years) would turn into $23,273. Now that's not taking into account taxes, inflation, etc., however, it's not bad for just setting aside $100 a month and nothing else. Now imagine what that would look like if you actually took 10% of your monthly income (which would hopefully be more than $1,000 a month) and threw it at investments. You quickly start getting in the 6 (even 7) figures, without sacrificing much in the way of lifestyle!
Lastly, this topic has been on my mind because over the last year I've explored the possibility of leaving my 9 to 5 to pursue my passion project, The Pit 702, full time. One of my concerns was my finances since I'd be trading a steady paycheck for more freedom, but a smaller salary. Through that, I've began researching a ton of stuff about investing and reviewing my past behaviors. The consensus from everything I've read is that you should consistently be investing so that you minimize your chances of taking a loss, hence me writing this post.
Whether you're just graduating or not, I urge you to educate yourself on the basics so that by the time you reach the old age of 30 (haha), you have a good base to work off of. If you read this, please comment to let me know what you think, share the financial resources you've used to educate yourself, or simply let me know what other habits you'd suggest people start at a young age. Thanks!
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