Become the boss of your money!
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8 Things No One Tells You About Investing
Just start already!
Take a chance and get started as soon as you can. You don't need to wait until every other financial aspect of your life is solved. Start with as little as $100 now and commit to add $100 every month. Or start with a practice portfolio with no real money invested. Just start.
Keep your eyes open
There's a lot of information on financial markets. Most of it sounds like a foreign language. You don't have to read the Wall Street Journal or watch CNBC to be successful. Be curious about what companies are selling and what people are buying.
The power of compounding
If there is one math concept to get your head around, it's the effect of compounding. Both on money that you're investing and on money that you're borrowing. You pay (or earn) money based on the principal amount invested or borrowed plus the interest added. It's why a mortgage costs you much more than what you originally borrowed and why the earlier you start investing — the better.
There is plenty for everyone
You work hard for your money and over your lifetime you're going to spend a lot. Change your mind from 'I have no money and am scared of how it all works' to 'there are plenty of people in this world making money from my hard work — I should too'. You have an abundance of information and experience with companies, either as a customer or through your observations at work and home. Use it.
Wait, what if I'm in debt?
If you are paying down your debts and not spending more than you earn, set aside some money that you otherwise would have spent on 'low-return' activities: the extra drink at the bar, your afternoon Starbucks, the full-priced, must-have shirt. If you are spending more than you earn, use budgeting tools to organize yourself.
Think outside the bank
Putting money in the bank and watching it may be the safest way, but it will not grow your money. Think of GoldBean® as a way of building your confidence, experience and hopefully bank balance. It's an addition, not a substitution, for saving.
If you're not at the table, you're on the menu
For better or worse, the current financial system is the one we have. Be a participant, not just a contributor to the economy. Remember, 71% of the economy is the money we all spend to live — food, transportation, health and housing. And of that 71%, 75% of it is from women. The economy runs on everyday spending. And the people who understand investing get the benefits.
Too bad working hard isn't enough
The economy is made up of people doing the right thing. Working hard, leaning in and moving up brings success in the career realm, but can cost you financially. Also, the more you earn, the more you spend. Real wealth over time comes through equity. Equity can be shares in the company you work for, equity in your home or equity from the stock market.