01 Sep It’s Never Too Late to Start Investing
There are a few key principles to saving money, and especially saving for retirement, that seem to stay pretty consistent across the board. Anyone you ask is going to have a few personal recommendations, but the basics stay pretty much the same no matter who you ask. Those principles are to start saving young, put your money in a dedication IRA instead of a regular savings account, and to invest your money. If you feel like, for one reason or another, you’ve never been able to save very much and the years before your retirement are getting fewer and fewer, here are a few tips to getting back into the saving game.
Start right now
Even if you’ve never been good at saving, it’s never too late. Don’t let the fact that you’re starting a little bit older than you wanted deter you from saving entirely. Set up a budget and a separate IRA and start saving a percentage of each paycheck. The higher amount of money that you can save a month, the better. The reason you want to use a specific IRA is because they have a higher rate of return; the interest rate is much higher than that of an average savings account. By using one of these accounts, your money is going to grow on its’ own simply by being in that account. Putting your money in a regular savings account actually loses value over time because the interest rate is so low.
Investing for the highest rate of return
Simply saving some of your money may no longer be the only way to save for retirement. Or maybe you’re already retired and are realizing that you’ve never made a single investment in your entire life. No matter the reason why you haven’t yet, it’s a great idea to start today! Investing your money will help you make money passively, meaning you won’t really have to do anything in order to make more money. There are a lot of different ways to do this. You can read up on how to invest, which companies are the most valuable and reliable, and invest in them. You can also hire someone else to do the investing for you.
Apps for investing
A smartphone can do basically anything at this point. One of those things that it can do, is invest your money in a smart way. There are a lot of different apps available that will help you invest your money. Try out Acorns, Stocktwits, Bloomberg, Personal Capital, or SigFig Investing. All of these apps have slightly different features and function a little differently and how they invest your money.