Stepping into the world of investing can be intimidating, and leaving your money in your local bank for safekeeping may seem tempting. Unfortunately, banks don’t offer much growth, and the only way to build your wealth is to brave the uncharted waters of the investment world. To succeed in this new venture, you need a strategy. Here are three of them to get you started.
A recent study by OnePoll found that nearly half of the people surveyed thought there was an age when people were too old to start saving for retirement. While it’s true the longer you wait to save, the less you’ll be able to rely partially on compound interest to leap your wealth forward, it’s never too late to start saving for retirement. In fact, the best time to start for anyone of all ages is now.
Unless you’re independently wealthy, most people look for ways to cut costs and save money. However, if you’re not careful, sometimes those well-intended strategies can do more harm than good to your bottom line. While living frugally can have an upside, beware of these common pitfalls many people fall into at one time or another.