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Saving for you future needs to be done correctly if you are going to meet your fanatical goals. That doesn’t mean you can’t play around a little and have some fun! In fact, to have good mental health you need a little excitement and stimulation. Just remember your main goals should always be for the long run and in the long run a well diversified portfolio will always win. Saving and investing is about providing for emergency and retirement so you can enjoy peace of mind in your every day life. On this page we will talk about ways you can start investing properly, no matter what your knowledge level or how much income you have to put towards it.
Simply putting your money in the bank is not a great way to grow your money. In fact, the interest rate on most savings accounts are about half the rate of inflation. If you are not growing your money fast enough by the time you are ready to retire your purchasing power will be worth less then when you put it into savings. If you really want to do it right you will need to learn about investing in the stock market sooner or later.
Paying off your credit card debt is actually the best investment you can make. Think about the average credit card you own, you are probably paying 14 to 28% interest on it where as an average well diversified stock portfolio probably gets you about 10-12% return annually. That’s not enough to even cover the credit card interest. For those people that are over your head in credit card debt let’s look at some ways we can reduce that debt before we start talking about your portfolio.
After you take care of your credit card debt you will need to look at ways you can start investing. I prefer online investing for many reasons. The biggest reason is having hands on control and being able to do my own research and make moves quickly if needed. Also, trading fees are much lower and I'm just a big believer in learning to do as much as possible myself, especially when it comes to my money. Besides the traditional online trading sites there are a few apps that are very interesting for people with little experience and/or less disposable income in which to invest.
Below we'll provide reviews and links to various resources to help you make your own savings plan based on your needs. I'll be adding recourses and reviewing new products over time so be sure to check back on occasion.