In order for America to avoid economic downfalls of this magnitude in the near future, the public have to be educated in their investment options. There are a multitude of areas one can invest in at a young age, but making the right choices early in your career can save you tons of trouble in the future and lend hard-learned experience, allowing one to formulate a strategic approach that could potentially secure income from an array of resources.
With that in mind, I have come up with several important tidbits of advice:
- Start investing once you get your first job. You don’t have to invest a majority of your income and 10-20% every paycheck should be just fine. Getting into the habit of saving money early on can guarantee you peace of mind just in case you are laid off in the future.
- If you get a credit card, make sure you make your payments on time and don’t fall behind. Don’t spend money you don’t have. Building credit early in your career can be a very powerful resource if correctly employed.
- Open a savings account and save money. Don’t touch this money unless it is an absolute emergency.
- Cut back on unnecessary costs. Read articles on this website to understand how to save money in the most important areas of your life.
- The most important investment you can make at a young age is in yourself. Education is the most important of these investments.
- If you are going to invest in the stock market, some companies can provide a safe long term investment. This includes: Big retail chains, food companies, shipping companies.
- Live at home as long as possible to save money.
Here are some things you should not do:
- Take out loans or money from your credit card and keep accruing balance.
- Spend tons of money on things that will depreciate such as cars and electronics.
- Try to open a business without having some experience in the field beforehand. Always know what you are going to be selling or the services you will be offering better than your customer.
Subscribe for E-mail Updates
New on SmarterSpend
- How Hire a Contractor for Less Without Sacrificing Quality
- Top 5 Craigslist Scams to Avoid
- 8 Companies Facing Bankruptcy in 2011
- The Ultimate Personal Finance Blog Rankings from MoneyCrashers!
- Investing in Health Care: 3 Innovative New Drugs to Watch