You may be in your early 20s and might have just started earning. It is possible that you have big financial dreams of building a huge financial wealth at some point of time. What you must realize is that to make your dreams come true you need to plan. It is a good idea to take stock of your financial security. There is a need for you to assess and evaluate your financial goals and identify specific steps of achieving your financial goals. While achieving them investment is one of the best tools you have to create wealth. Not only do you need a plan to achieve your goal but you must take action too.
Start investing early
As per a study from Statistics Canada which was released last year, it was seen that as much as 65.2 % of Canadians are saving for retirement. This clearly shows that retirement is a top priority for most. The good news is that you need not have huge amounts of money to start investing. What you need is financial discipline to invest regularly over time to see your investments grow. The best thing is to start saving and investing early and would see the power of compounding, where in your investments would grow big over time.
How much you can invest a month?
So figure start investing early and figure out how much you would be able to set aside every month say $ 50 or $ 100. This by itself may not by itself be a great amount but it can help you to get started with your financial discipline to invest. Gradually you can increase the amount as your earnings grow.
Identify your investment instruments
The next important thing for you is to identify your investment instruments. This could be Mutual fund investments, ETFs, registered accounts or investing in stocks. You must seek consultation with are liable Financial Consultant who can help you decide on the same.
Stay disciplined and focused on your goal
You need to stay disciplined to invest regularly and evaluate how your investments are doing over time to achieve your financial goals.
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