The biggest challenge many people have with saving money is the concept of “get rich quick”. While I don’t want to say it’s impossible, it’s certainly not likely. Saving money is a lifelong goal. If you continuously set a small amount aside, someday, that small amount will surprise you with its value. This is particularly true if you invest it due to compound interest! Compound interest is essentially interest on top of interest…reinvesting your earnings.
There are many schemes out there that claim that you can get rich quick. All you need to do is invest your life savings, and then you could be a millionaire! Don’t fall for it. The key is saving slowly overtime. Just $1 each day equals $365 each year, and over 10 years, you’ll have saved a few thousand dollars! Then, if you can get a modest return, your $1/day has turned into a meaningful amount.
So maybe you’re asking “what’s the best way to get started?”
- Start TODAY! The sooner you begin saving, the more quickly it will add up
- Choose an amount you can commit to – it’s better to be consistent than to contribute more than you can afford and give up before it becomes a habit
- Keep track of your progress! It feels good to know you’re making a difference in your future
Sign-up for Dvdendo and get your first three months of membership for free! You can begin investing with any amount, and be fully invested with the world’s greatest companies with just $5. Start planning for your future today!