When it comes to your health, the earlier you get on top of potential problems, the better the prognosis will likely be. The same applies to investing – the earlier you start, the greater the benefits you can possibly reap later on in life.
According to a recent study by Sun Life Asset Management Co. Inc., there’s a growing number of young Filipinos who invest their money to prepare for future financial concerns. Among them are millennials and middle class earners, seemingly suggesting that at least some of those belonging to these groups are actually considering their long-term financial security.
Majority, however, still choose to manage their finances through budgeting or making planned purchases, which may prove less beneficial in the long run.
It’s hard to get excited about investing at an early age as you’re not likely to enjoy the rewards until you’re older. There’s no short-term gratification with investments, unlike, say, buying yourself a new gadget or treating yourself to your favorite meal. But this should not stop you from starting to invest your earnings at an early age.
You might be thinking: I’m not making that much yet to be investing my money. That’s where you might be making a mistake since you can always purchase investments that won’t break the bank. There are plenty of options today that let you start out small. And consistently investing a small amount of your money at regular intervals is, of course, better than not investing at all. Plus, the earlier you start investing, the more time those small amounts can mature, making it much easier for you to achieve your financial goals.
There’s actually no better time to start investing than NOW. Sure, we’re all in the middle of the coronavirus pandemic, yet it has not changed our own plans for the future – a financially comfortable life. Whether you want to retire early or hope to have capital for your business venture down the line, playing the long-term game with your investments will always yield the best outcome.
It’s best to treat investing like any other good habit that you want to develop. Instead of trying to achieve your goal in a short span of time, make small, worthwhile adjustments regularly, so that you can better condition yourself to commit to whatever it is you’ve set yourself to. In this case, it’s setting aside a fraction of your paycheck for investments. Ease into it the same way you would a new workout, diet, or any other regimen or routine you follow. As you get used to it, having a mindset where you’re willing to sacrifice unnecessary expenses in favor of growing your investments and savings becomes easier throughout life.
In short, investing at a young age pays. So unless, you’re barely making it month-to-month with your paycheck, there’s no reason for you to put investing off for when you’re making more money.
Remember, the longer you wait to start, the more difficult it becomes to reach your goals. And, perhaps, by the time you realize this, it’ll already be too late. That’s why you should do your future self a favor by taking that first step now.
linkiNG you to opportunities,
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