By When beginning to save and invest, focus on what you can control.
One thing I hear periodically as a financial advisor is, “I wish I had enough money to invest and work with you.” What I always tell these folks is to start with what they can control, rather than focusing on what they don’t yet have or can’t control. The best time to start saving is today.
A couple grand isn’t going to fall out of the sky ready to be invested. But you can start saving today and work toward that amount and beyond. As little as $10 a day (that’s $300 per month, or $3,600 a year) can add up faster than you think, allowing you to start making some investment choices. Keep this 10-bucks-a-day strategy up over the long term (or better yet, up to $15, $20 or more as possible), and this could turn into $175,000 or more over 30 years – even at a modest growth rate.
Most of the people I hear this from are early in their careers, but are making enough money to start setting even a little something aside. And at this point, time is your friend! Start saving now while it’s still on your side. Chances are, by doing this, you’ll have fewer worries compared to people who wait until age 50 or older to start thinking about saving.
Building income is about planning and managing factors within your control, rather than focusing on investment returns or trying to time the markets. Obviously, you’ll need a little of both to reach your retirement goals, but you won’t get the investment return if you don’t start saving.
That said, even if you’re closer to retirement and still need to get started, it’s not too late. I’ll say the same thing to you I said earlier: The best time to start saving is today. Call us with questions. We’re always here to help.