If you’ve been thinking about investing but are on the fence, you may be waiting until just the right time, or waiting until you have more liquid income, or holding off until retirement feels closer. But the reality is that if you’re waiting to invest, you’re making a mistake—you should start investing right now. The sooner you start investing, the greater your chances are of setting yourself up for financial success long-term. Here are a few reasons why today is the day to start investing:
When it comes to investing, understanding how compound interest works—and why it’s so great—is important. Compound interest is sometimes described as the phenomenon of “your money making money”, without you having to do anything at all. This is because you’ll make more money in gains as your money grows. For example, if you invest $1,000 that has an annual return of 5% in the first year, you’ll earn $50 that first year. Now, your total amount invested is $1,050. The thing is though, if you remain having an average annual rate of return of five percent, that will compound annually. Over the years, the amount of money in your account can keep growing, even if you don’t put more money in. And the more years you have before you withdraw, the more money you can potentially make
When it comes to investing, starting early is most important because of the potential of your money to grow, as explained above. But there’s another reason why you should start investing sooner rather than later: by investing, you’re taking control of your financial future. When you choose to invest your money, you’re making a conscious choice about where you want to allocate your money and what you want the future to look like.
While investing may have been more complicated a decade or two ago, today, there are multiple ways that you can start saving for the future that are straightforward and legitimate. For example, you can work with a financial advisor or investment advisor who can provide you with personalized investment advice. If you want to start small, there are dozens of apps out there—such as Betterment and Acorns—that allow you to start investing and saving for retirement with very minimal fees.
At Harvest Wealth Partners, we know that investing can be confusing and intimidating. If you have questions, we have answers. The most important thing we want you to know is that now’s the time to start investing. Reach out to us today to learn more.
Harvest Wealth Partners is committed to helping our clients work towards a successful future. We believe in your potential to understand the financial options that can lead you to your goals. Call us today to partner with our team. We look forward to continuing our mission for years to come.
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