Its no secret that investing is one of the best ways to grow wealth.
Were talking about real wealth not the measly returns youd get from a savings account.
If you really want to grow your money, you need the kind of returns youll get from investing.
Of course we all know this.
But a lot of us have things holding us back.
Maybe we dont know how to get started.
Maybe we feel totally out of our element.
Or maybe nows just not the right time.
There are a lot of excuses for not investing and most of them dont hold up.
Here are the top reasons people dont invest and how to get around them and start building real wealth.
I Dont Know What Im Doing
Cmon, thats never stopped me from doing anything!
Seriously, though, dont be intimidated by the investing game.
A bunch of apps and websites and tools have appeared on the scene that are specifically designed for beginners.
But it makes it really simple by breaking them down into categories based on your personal goals.
Want to invest conservatively right now?
Want to dip in with moderate or aggressive risk?
Do what you feel.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Instead of overwhelming you with industry jargon, Stash gives its investment funds understandable names.
Or you could invest in funds with names like Roll with Buffett, Moderate Mix or Global Citizen.
Im Afraid to Lose My Money
We get that.
Sure, the stock market can look scary and volatile, especially to a new investor.
Stocks go up, stocks go down.
The past year was basically a roller coaster on Wall Street.
But the trick is to just stick with it and have a long-term outlook.
In other words, dont be afraid to lose your money.
Just verify you invest a responsible amount, and stay the course.
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3.
The timing of your investment matters much less than how much time you have to invest, Hartill says.
The cost of waiting for the perfect time to invest is high.
Youre missing out on long-term growth.
I Cant Afford to Invest
you might afford to invest.
it’s possible for you to start small if you have to.
Investing doesnt require you throwing thousands of dollars at full shares of stocks.
In fact, withStash, you could get started with as little as $1.
Subscription plans start at $1 a month.
**
We all have excuses.
If you want to grow your money, you have to push past that.
Really, its way easier than you think it is.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
Hes not rich, but you better believe he invests.
*For Securities priced over $1,000, purchase of fractional shares starts at $0.05.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…