Saving isn’t always attractive or accessible for young people because of the competitive job market and huge debts loans to be offset by graduates. But with good counsel from a trusted advisor and the prospects of investing early, a young person will find that securing their future happiness and comfort starts now.
Here are tips to guide you for your first investment steps.
Find a Trusted Financial Advisor and Start Investing Now
If there was one thing the global recession ever taught millennials, it is that they can no longer put off savings and that they should form a habit of investing for the future early.
But if it is your first time of dipping your toe in the world of savings and investments, it can be overwhelming deciding which choice to make from mutual funds to stocks and bonds or how to appropriately diversify your portfolio.
The natural temptation is to seek advice from your parents, friends, colleagues or older relatives, but their judgments may – unknowingly to both them and you – be clouded. Find a financial advisor you can trust and who can give you professional and unbiased counsel that fits best for your demographic and specific needs. The goal should be to secure your future, while insuring your financial health for today. For example, the investment strategy or priorities your trusted advisor will outline for your demographic will be different from the advice the give to an older, more established person.
Get Out of a Job that Leads to Nowhere
Does your job match your life or investment goals? Or do you feel trapped in a cul-de-sac that drains your time, energy and creative juices and leaves you high and dry every week without commensurate compensation, bonuses or raises? Then stop wasting your time, get out of the ditch and shop the market now for a better option that allows you to invest in your future.
Match any Income Raise with a Raise in Your Savings
If you do get a raise or bonus, don’t splurge on new luxuries or turn up the volume on your lifestyle. Rather, it is the perfect opportunity to better secure your future with an increase in your retirement savings, find out about funeral plan costs to prepare for unseen events or add contributions to your investment portfolios.
Invest in Yourself
Take advantage of the stacks of useful resources and information available on the web and elsewhere and improve your knowledge to get ahead in the ever competitive market. You can learn new skills that will allow you to start a new business or add new streams of income to boost your financial muscles.
Avoid the Credit Card Temptation
When you graduate from the university, you’ll often be inundated with credit card offers. But it’s better to skip them, especially if you still have students loan to pay off. Otherwise you will get trapped in a dizzying cycle that holds you back from your financial goals.
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