As a student interested not in just getting rich quick, how can one really learn how to invest their money wisely?
Too often we hear that education systems don't prepare us for real life, but I think they are trying to improve this. But what are some great resources to learn about money management and wealth as a student?
#investing #real-estate-investing #money-management #wealth-management
in more simple terms, you will first need to open an account. Either retirement or non retirement, then deposit the funds, then purchase the investment. This can all either be done online or you can speak to a financial consultant/advisor. The time of needing millions to work with an advisor is far passed us so don't afraid to ask those tough questions when you call.
One additional thing to consider is to have a safety net of 6 to 12 months of funds set aside for emergencies (loss of job, health issue, etc.)
Investing is not about “getting rich quick.” Investing about sticking with a disciplined savings plan, investing in diversified stocks and letting run its course. Any financial advisor who sells you on the next get rich quick scheme should not be trusted.
As a a fun experiment look at the S&P500 in 1982. Assume you invested $1,000 and calculate how much money you’d have today. That $1,000 will grow, but it doesn’t turn into $5mm in 36 years. Now calculate how much you’d have if you sunk $5,000 a year into the S&P500 for that same 36 years. Now you’re rich.
The real answer, though probably not what you want to hear, is get a degree in a something that will enhance your earning potential doing something you enjoy, learn to live on less than you make, stay out of debt (only two things worth financing, a car and a house) save and invest over your working career. You’ll be able to retire early and be comfortable for the rest of your life and not relying on Social Security as your only income.