Daily Dose #23: “Money For Nothing”…Well, Almost.

  1. IMG_0608 Miami Highrises Pay Yourself First!  Many Millennials see taking money out of each paycheck to place in a savings account, mutual fund, 401K, or stocks as something they hope to afford “someday.”  The truth is you can’t afford NOT to invest ! The money your company contributes to your retirement account or 401K is FREE MONEY and what could be better than that?  Regardless of your salary, if ever offered stock options for the company, take it! You may not stay with the company till retirement, but why would anyone pass up the potential to increase their earnings? When planning your budget include $50 per paycheck for a savings account, $50 a month for a mutual fund and whenever possible buy stock!  At this age, Millennials, you have nothing to lose and it is never too early to start diversifying and building your portfolio. If saving $50 a month means you have to buy the Direct TV plan with less channels or get by with less minutes on your cell phone, do it!  Author and portfolio manager, Patrick O’Shaughnessy, recommends Generation Y, “get over their fear of investing and get into the market.”  At the age of retirement, when you are living on the beach, traveling to a new country every year and making money daily on all of your investments, you will thank yourself for taking a risk and investing in yourself now!

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