Ready for Retirement?
Living a better life can be done with the help of investing. If you don’t want to end up broke in your senior years, you’ve got to invest. While saving $1 a day is a nice concept, it means little if you don’t invest it properly. And usually “safer” investing methods are slower than a turtle. Here’s an example: if you’re 40 years old with just a few thousand in savings, you can’t afford to play is ultra safe with certificates of deposit and other slow growing methods.
If you’re younger, you can experiment with lower annual return methods. Keep in mind that if you don’t really need big gains, then you can also take it slow. Don’t forget about inflation. If all you do with your money is keep it in a savings account, odds are, you’re losing money each year because inflation is greater than the interest gained.
To get involved in the penny stock market you should have at least $1,000. Sure, you’re not Warren Buffet yet, but it’s a start. If you’re highly involved, you could end up with $1000s within the first 12 months. If you’re more passive with your investments, you’ll probably be limited to $25-$100 gain.
Don’t have the cash? Try taking on a second job! Would you trade working a 2nd job for 1-2 months for a better rest of your life? Many do this to get the money to get going. Other ideas are looking around your home for things to sell. eBay and garage sales can bring in a tidy profit.
Let me assume you have your capital now. Next, you need to educate yourself. For starters, start reading all you can about how stocks work. Look for some stock picks and just get familiar with the process. It’s not time to invest this second.
Find a good online stock broker. Think or Swim might work as long as you have $3,500. Don’t rush. You’ve got time. If you’re going to be a passive investor, look for a solid investment that will hopefully return at least 10% on the year.
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