I saw online that you help with financial planning. I don’t have much money to pay for advice, so maybe you can point me in the right direction.
I always remember my grandfather telling me to invest as early as possible and now that I’m out of school and have a good job I was going to start investing, however I’m not sure where to start.
I still have student loans, but other than that my expenses are relatively low. I’m currently renting and not anticipating buying a house as I would like to travel quite a bit in the next few years.
Thanks for the email. To be honest, especially when you’re young I would suggest sticking to the fundamentals:
- Save something each month without fail – this may seem intuitive and simple, however it’s very difficult for most people. Ensuring you save some portion of your income automatically will develop the habit required for long-term financial success. Remember, save between 10% and 20% of your income each month without fail
- Invest your monthly savings into investments that have the capacity to grow long-term. Simply saving money into a bank account will not help you achieve your financial goals. In order to keep up with inflation and in order to properly compound your money you’ll need to invest your savings into asset classes such as stocks or real estate.
- Spend much less than you earn – you won’t be able to invest unless you can learn to spend less than you earn. Putting your savings away each month before any spending needs is a great way to automate this resolution.
- Stay fit – Most people neglect to include health and fitness resolutions within their financial resolutions, however this is so very important. What’s the point of building wealth over 20 to 30 years if you can’t ultimately enjoy the rewards. Exercise on a regular basis, eat healthy and take care of your mental health so you can enjoy the fruits of your labor going forward.
Hope that helps and help me know if you have any further questions.