Have you ever wondered what it takes to build wealth? Or how some of the wealthiest people in history earned their fortune?
Moneyfarm’s infographic is a great resource to show the ways people have made money over the years. From Cleopatra in 69BC to Sheryl Sandberg in 1969, these individuals have inspired others.
If you’d love to learn about some of the many benefits associated with investing, simply continue reading to discover why you should start investing your money today.
Why you should start investing your money today:
1. If you leave all of your savings in a long-term savings account you won’t make the best possible use out of your money
Most long term savings accounts will only earn you between 1 and 3% interest per year. Which means that when you take inflation into account, the money which you place into a savings account will actually be worth less in 10, 20 or 30 years time. As you won’t be able to buy the same amount of products and services in 10 years time with $1,000 as you’d be able to if you went shopping with $1,000 today.
That’s why it’s a great idea to invest a portion of your savings and disposable income, into making wise investments which will allow you to double your initial capital, in the long term.
- There’s no better time to start planning for your retirement than the present
The sooner you start investing for your retirement, the more comfortable a retirement you’ll be able to enjoy. So if you foresee yourself taking frequent overseas vacations and being able to socialize on a regular basis during your twilight years, it’s well worth starting to invest in your financial future as soon as possible. This doesn’t mean you can’t find ways to enjoy your weekends now, but having a budget and investing the rest is important. As the longer period of time you have to invest before you retire, the less risky investments you’ll have to make as you’ll have plenty of time to make lower risk long-term investments.
- It’s far smarter to learn how to make passive income rather than working countless hours to better your life
Instead of working extra hours in order to try and save for your future, which will just leave you feeling tired and burnt out, it’s well worth learning how to make passive income. How you can you make passive income, whilst you’re spending time with your friends and family members or sleeping?
When you invest your money in stocks, you’ll earn dividends every six months without having to lift a finger and when you choose to sell your stocks at the right place, you’ll also make money without having to work an extra day in your life.
Alternatively, you may want to consider purchasing an investment property, which you’ll be able to rent out, in order to earn passive income. If years down the road you choose to sell your investment property you should expect to make a minimum of $100,000 profit. As international populations will soar in the next few decades and properties will become an even hotter commodity than they are now.
So if you’d like to start investing in your financial future, it’s definitely well worth beginning to make wise investments, which may allow you to give up your day job in the long term. So it’s definitely well worth learning all that you can about making wise investments as soon as you can!