WHICH INVEST IS BEST

The greater growth potential of investing is primarily due to the power of compounding and the risk-return tradeoff.

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Income provides the natural starting point for investment planning because you can’t invest what you don’t have. A young adult's first job issues a wake-up call, forcing decisions about IRA contributions, savings, or money market accounts, and the sacrifices needed to balance growing affluence with the desire for gratification. Don't worry too much about setbacks during this period, like getting overwhelmed by student loans and car payments, or forgetting that your parents no longer pay the monthly credit card bill.

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Outlook defines the playing field on which we operate during our lifetimes and the choices that impact wealth management. Family planning sits at the top of this list for many individuals, with couples figuring out how many kids they want, where they want to live, and how much money is needed to accomplish those goals. Career expectations often complicate these calculations, with the highly-educated enjoying increased earning power while those stuck in low-level jobs are forced to cut back to make ends meet.

It’s never too late to become an investor. You may be well into middle age before realizing that life is moving quickly, requiring a plan to deal with old age and retirement. Fear can take control if waiting too long to set investment goals, but that should go away once you set the plan into motion. Remember that all investments start with the first dollar, whatever your age, income, or outlook. That said, those investing for decades have the advantage, with growing wealth allowing them to enjoy the lifestyle that others cannot afford.

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Investing can bring you many benefits, such as helping to give you more financial independence. As savings held in cash will tend to lose value because inflation reduces their buying power over time, investing can help to protect the value of your money as the cost of living rises.

Over the long term, investing can smooth out the effects of weekly market ups and downs. And in the more immediate term, there’s something very satisfying in researching investments, then taking the first steps that can make your financial future more secure.

But with the main benefits of investing likely to show over the medium-to-long term, before you are ready to invest it’s worth making sure that your immediate financial circumstances are in the right shape.

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Prioritize debt

Before you begin to invest it’s sensible to pay off any debts. The interest rate you pay on the vast majority of short-term debt is likely to be many times higher than the rate of return on any investment you make. You should prioritize paying off things like credit card debt and payday loans before making any investments.

So if you still have any debt, make sure you don’t miss making any payments ahead of their due date – any penalty fees/charges and the interest you incur will more than offset any gains you’d make on an investment. Missing a payment will also damage your credit score, making it harder and more expensive to get credit if you ever need it in future.

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The best age to start investing is whatever age you are today. Getting started now gives your money more time to grow and benefit from the compound interest it can earn over time. Developing a portfolio in your 20's or 30's is ideal, but it's never too late to begin investing.

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