Investing at 27 years old
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In reality, I'm a normal guy with a decent job, who was lucky enough to stumble onto some money tips early in life. Here are my seven best: 1. Get a degree that actually pays These days college gets a pretty bad rep. And I agree, the skyrocketing price of tuition is concerning. But I'm also with Warren Buffett on this one — the best investment you can ever make is in yourself.
Here's the key. You need to view college for what is: a 4-year transaction to purchase a career. Especially when student loans are involved. And just like you wouldn't take out a mortgage before researching the value of a house, it's equally important to consider the value of a degree.
Some degrees pay well, others Research salary statistics , interview people in the field, and attend career fairs. As a finance and economics major, I was able to quickly find a job as a financial analyst, even at a time when the labor market was iffy about its economic recovery. Now I hope my strategically chosen degree continues building a foundation for a lifetime of earnings.
Avoid consumer debt Once you're out of school and on your way to making money, the next best step is to avoid the trap of consumer debt. Put simply, it's nearly impossible to build wealth if you're leaking money every month through auto loans and credit card debt.
Benjamin Franklin, one of the country's first early retirees , famously said that a small leak will sink a great ship. And he's right; trying to build wealth while paying interest is like rowing against the current. With a leaky boat. This keeps compound interest working for me, rather than forcing myself to swim against the current. Embrace index funds Like most beginning investors, when I started investing I imagined myself the next Warren Buffet. All my stock picks were sure home runs, I thought, and I'd be crushing the market in no time.
In reality, my not-so-hot stock choices lagged the indexes. By the end, my ambition mixed with greed cost me thousands of dollars. This shouldn't have been a surprise. There's simply too much proof — individual stock pickers, traders, and actively managed mutual funds just can't compete with the efficiency of index funds. Don't try to outsmart the market; you're fighting a losing battle. Instead, save yourself the time AND money by choosing a low-fee index fund.
Does a house with all those extra bedrooms really make your life happier, or are you just creating more work for yourself? When you part with your money, are you carefully calculating the potential benefits, or are you just following what your friends, society, and billions of dollars of advertising is telling you to do? For me, I realized stainless steel appliances and granite countertops weren't impacting my life, so I chose a more mediocre apartment to save hundreds each month in rent.
Figure out how to reduce your no-fun spending to the bare bones, and saving becomes a breeze. The best part? If you decide something really will make you happy, you'll easily be able to afford the splurge. Tax advantages are, you know… advantages. Use them! Retirement accounts, like a k or IRA, grow tax free. In the case of a traditional retirement account, you only pay taxes on the back end.
For a Roth account, you only pay taxes on the front end. Compared this to a non-retirement account, where you have to pay taxes on the back end, front end, and even some of the middle… end. Temporary declines in stock prices won't hurt you as much because you have years to recoup any losses. So if your stomach can handle the volatility of stock prices, now's the time to invest aggressively.
Workplace k or b Many employees enjoy matching contributions from their employers for investments into this account. That's free money. The advantage of the Roth is that the money grows tax-deferred, and unlike the k , you won't owe any taxes if you withdraw the funds in retirement. A Stock-Heavy Portfolio Historically, long-term stock investments have beaten those of bonds and cash.
While bonds are more stable, their returns likely won't beat stocks. So if you're relatively risk-tolerant, you can invest a large portion of your portfolio in stock funds and the remainder in bond and cash investments. Or, if you want to go the easy route, choose a target-date mutual fund. These funds are automatically rebalanced as you age, starting out more aggressive when you're younger and becoming more conservative as you move closer to retirement.
Real Estate You might purchase a home, especially if you think you'll stay put for at least five years. You also could consider investing in a rental property or REIT. Low interest rates can make buying real estate especially attractive if you don't live in a costly housing market such as New York City or San Francisco.
Yourself Your 30s are a great time to get an advanced degree or bulk up your work skills. If you can increase your salary in your 30s and start saving more, you'll still have decades to compound your earnings. The Best Investments for Your 40s If you're late to the saving and investing party, you can catch up by making some lifestyle trade-offs.
Workplace k or b Supercharge your saving and investing to prepare for retirement. If you haven't begun saving in your employer's retirement plan , start now. Asset Allocation Asset allocation in your 40s may lean slightly more toward lower-risk bonds and fixed investments than in your 30s. However, the ratio of stock investments to bond investments varies depending on your risk comfort level. Just remember: The more stock holdings you have, the more volatile your investment portfolio and the greater your exposure to risk.
You can include broadly diversified international stock funds and REITs in your investment mix, too. Note Sticking with low-fee index funds is one way to keep your investing costs in check. The Best Investments for Your 50s Now it's time to examine your future goals and explore your current and desired future lifestyle.
Investigate your current income, projected income, and tax situation. The results of your analysis will influence the best investments in your 50s. If you're on track for retirement, keep doing what you began in earlier decades. As you edge closer to your retirement date, you'll probably dial back your stock-fund exposure and increase the allocation of your portfolio to bonds and cash.
The specific percentages will be determined by when you anticipate dipping into your investments and how much.
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