What is Investing?
Investing is for the long term, usually tied to specific goals like growing wealth for retirement.
There is some amount of risk to investments, which is why successful investing requires a plan.
Investing is the final step towards building #wealth
, which you are debt free and have saved for an emergency fund and to invest – unlike common belief, you do not need a lot of money to start investing.
There are some golden rules when it comes to investing:
#1 Do not invest everything dollar to your name, only what you specifically saved to invest.
#2 Start early! Time is precious, e.g investing $100 per month from age 25 to 35 is far more powerful than $200 per month from 55 to 65. Compounding starts to work for you earlier.
#3 Be patient. To be a successful investor, you need to commit to a long-term strategy.
This is not a get-rich-quick scheme, but when done right it works.