I’m a 23-year-old currently earning 13k ETB a month from some side work. I keep hearing older people say, "invest while you're young," and I really want to take that seriously. I’m determined not to blow my money on useless things, but I’m not sure where to start in our current economy.
For those of you who are now successful or "rich," what was the best investment you made in your early 20s? Was it a business, a skill, or something else? I'd love to hear your stories and any advice you have for someone just starting out
How should I invest my money now to avoid regret later?
byu/curious_thought27 inpersonalfinance
Posted by curious_thought27
1 Comment
I’ll let others comment on investing in themselves and putting yourself in the best position to earn money, I’m really not one to speak on that.
But my simple 2 cents: Invest early and consistently, no need to make big splashes.
To give you some context:
I’ve invested 6% of my paycheck over the past 15 years with my employer. Started out making around $30k, and now around $90k. Employer matches the same 6%, so I put in roughly $1800/yr when I first started and now $5400/yr match. Just steadily, paycheck after paycheck. My RRSP (or for you Americans, the 401k) is now at nearly $200k.
Don’t get caught in the hooplah of which stocks are skyrocketing or other get rich quick schemes. Just invest consistently in broad market ETFs. Along with my employer matched RRSP/401k, I put in as much as I can each year into the Canadian TFSA (American is Roth IRA), and that has also ballooned to around 300k now.
No magic, just trust the process.