Investing For Young People and the Path to Wealth
I love talking (and writing) about investing for young people, and getting started on a path to wealth-building. Most people think it’s more difficult than it really is. The reality of the situation, though, is that saving and investing is not rocket-science.
“But isn’t there so much stuff to know?”
Well, yea, there’s a lot of stuff to know. But you don’t have to learn that much of it. Nobody says you have to become an investing guru. To get started saving and investing like a rich person, you don’t have to learn that much stuff!
First you need the proper set-up. You’ll be opening an account just for investing. There are different types you can open.
I suggest Roth IRAs for most young people just getting started. I think that every young person in America should have a Roth IRA. Roth IRA For Dummies
Then you need some cash. Don’t have any cash right now? Don’t sweat it. Most people don’t. But what you have to do is start saving some. Strategies to Save Money That Rich People Use
Then you start investing. This is the fun part. There are 1,000s of investments to choose from. It’s easy to be overwhelmed by the selection. Let’s see, you got…
- Mutual funds
- Exchange-traded funds
- Treasury bills
- Real estate investment trusts
- Penny stocks
…And the list goes on. Not to mention, within each of those categories, there are literally 1,000s to choose from. Don’t be overwhelmed though. Just start small.
I usually suggest–especially for young people investing–to go with stocks. Smart Stock Investing
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“What Is an IRA, Anyhow?” The kid looked at me with a blank stare, “What is a IRA, anyway? You’ve been talkin’ about them for like, half an hour, but I got …