Unfortunately, the world of finance and investing isn’t easy, so you will need to set aside time for this. By reading this right now, you are well on your way! Find time to read the popular financial press, study your brokerage statements, learn your 401(k) options at work, budget your expenses and understand the terms of your borrowings. Find questions and then reach out to us or another financial professional for answers.
Doing this on an ongoing basis will help you find if you’re missing opportunities or even losing money and if you need to make changes to your benefit.
Though this is in some cases boring work, get excited! If you take all the right steps now and continue good habits throughout a successful career you could be setting yourself up to be a multi-millionaire upon retirement!
Though nothing is guaranteed, getting focused and following these principles will only help. We will walk through an example later that will show that an individual who began saving diligently to their retirement plan at work at 25 years old will have almost one million dollars more in their retirement account compared to someone who began saving at 30 years old. Time is certainly money!
Watch my colleague Aaron Comb outline some book recommendations to get started: