Even if you are on threshold of starting a promising career, you need to understand it is important for you to save a certain portion of your monthly salary and invest it a lucrative retirement plan. The sooner you start doing this, the more funds you will able to accumulate when you leave your present place of employment because of old age. This is because various pensions schemes that the government sponsors may not be sufficient to help you make ends meet at this phase of your life. This is the reason why it is necessary for you to look for other avenues to earn a stable income.
Barry Bulakites is one of America’s most prominent motivational speakers who does not shy away from expressing this views on the current economic conditions in country in various public seminars. This marketing graduate from Western New England College and the London School of Business & Finance is also the President of Table Bay Financial Network, Inc. In addition to this, this popular financial advisor specializes in helping people find viable investment avenues to plough their money into for their retirement. He also assists various organizations to establish sustainableschemes for their employees for such purposes.
Why is it important to invest while you are young?
This financial advisor says when many young people of your age group may consider it prudent not to invest for their retirement until their financial situation stabilizes. They urge that at the moment they need to repay the loans they took while in college or university and their earnings are inadequate. However, they need to realize they can reap the following important benefits when they invest even small amounts of money in a lucrative retirement scheme at this stage:
While your earnings at this stage of your life may be enough to sustain you. However, if your take the initiative to curtain your unnecessary expenses and invest the amount you save in a lucrative investment scheme, you will be able to accumulate adequate funds. This is because you have time on your side to build-up your wealth by continuously reinvesting your savings.
Ability to take risks
You need to understand that an individual’s age determines his/her ability to take and withstand risks with their investment decisions. As you are starting your career, your retirement will not take place in the coming years and your ability to earn money will increase over time. This implies that you can take more risks when comes to investing lucrative retirement schemes than a person with wife and kids.
As you are young, you have time to study various investment options available in the market and choose the one that caters to your present needs. Moreover, you can afford to learn from your mistakes while making such decisions than a person approaching his/her retirement.
Barry Bulakites goes on to explain that young people like you have the above advantages over the those who invest for their retirement at later phase of their lives. They have to ability to accumulate a large sum over time by reinvesting their salaries but they need to start now. This will help them lead a financially stress-free life when they retire.