How best to grow my small amount of money starting at a young age?
Here are 10 simple ways to start investing money at a young age.
- Start a savings account. …
- Set aside some cash for rainy days. …
- Opt for an investment account. …
- Buy stocks or shares. …
- Opt for bonds. …
- Invest in real estate. …
- Learn how to say NO to credit cards. …
- Start a retirement plan as soon as possible.
Why is it important to establish short term and long term financial goals?
Setting short-term, midterm, and long-term financial goals is an important step toward becoming financially secure. If you aren’t working toward anything specific, you’re likely to spend more than you should. You’ll then come up short when you need money for unexpected bills, not to mention when you want to retire.