Investing is about using your money to build wealth. And investments are more than just saving money – they’re about building wealth for the long-term security of you and your family, including planning for your retirement.
How much money do you need to invest?
Well that depends on the purpose of your investing and therefore how much money you need. You may be investing your college eduction for your children, or investing for retirement. As with all financial goals, the key is knowing what your real target is and then working out how to achieve it – and whether your budget can afford it!
Investing for retirement is critical if you want to retire in comfort, as most welfare schemes for aged care are basic to say the least. Think about what you may want to do when you retire – are you going to travel the world, or will you be just as happy sitting at home knitting.
Your retirement plans will have a significant impact on how much money you’ll need, but typically people will need to have saved 10 times their current income to live in the same level of comfort.
If you’re serious about investing money for the future, it’s worth talking to a financial consultant about your options as poor advice will set you back years.
Of course, one of the golden rules of finance is that you can’t get something for nothing – in the case of investing, that means that you need to spend money to make money!
Many people actually borrow money to invest, which is why it is so important to make wise and informed decisions about investing. See a reputable financial advisor or accountant for advice before committing to ANY investment.
Our sister site Your Money and Finance has a section dedicated to investments - check it out for all the 'how-to' advice you need on investing.
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What investment goals do YOU have?
There is an Investments Record in the ToolBOX under “Financial Tools” - you can use it to keep track of what investments you have.