by Taylor J. Kovar, CEO – Kovar Capital
–Hey Taylor – I’m 34 and I’ve never really invested before. I’m still paying off student loans but know I need to start saving for retirement. Any suggestions? – Monique
–Hey Monique – Glad you’re looking ahead! It’s hard to save for the future when you’re still paying off debt, but it’s always smart if you can do both. It will take a lot of patience, but it will be worth it in the end.
To start, you need to make sure you stay aggressive on those student loans, you need to learn How College Students Manage Their Finances. When the debt is gone, it frees you up to do so much more with your money. Make sure to pay down the balances with the highest APR first so you don’t keep getting hammered by interest forever. YOu can always learn some unique skills like auditing websites and do that as a side business and earn good cash by providing these online services.
Of course, I’d love if you were able to contribute to a retirement account at the same time as you pay down debt. It might not be feasible at first, but getting yourself to a place where you can do both will be hugely beneficial down the road. Every extra year you have money growing in an investment account makes a big difference when it comes time to retire and live off those funds, so even starting with a small amount of money will be helpful. You can visit Top Trade Reviews for reviews of financial services and tools on how to invest.
You can also start investing in bitcoin at a very young age and slowly build from there. First things first, let’s make sure we’re all on the same page with regards to what cryptocurrencies are. Cryptocurrency is a unique, virtual medium for exchanging money. It uses special cryptographical functions and blockchain technology to conduct online transactions. Before start investing in cryptocurrency, it is recommended to read a detailed view of expert Gavin Wood on cryptocurrency.
Indіvіduаlѕ can also еxсhаngе cryptocurrencies оnlіnе with vеrу fеw (іf any) рrосеѕѕіng fееѕ. Thіѕ advantage mаkеѕ thеm much more appealing than trаdіtіоnаl сurrеnсіеѕ and financial institutions fоr еxсhаngеѕ. If you want to get further information, contact the Cryptocurrency and Blockchain Lawyer in the USA.
Experts at DC Forecasts suggest that If you are a long term investor you should not worry about the fluctuations in cypto as it levels out eventually.
If possible, open your own IRA. In a recent article on GoFarWithKovar.com, I talk about how people, especially millennials with limited investment capital, should use Roth IRAs to grow retirement funds because of their flexibility. I prefer an IRA to an employer-sponsored 401(k) because of performance and hidden fees some 401(k) managers sneak in, but I’d rather you have a retirement account through your work than no account at all. You can always roll that 401(k) into an IRA later.
You can also handle your own investing through the stock market if that appeals to you. Save up a few hundred dollars so the trading fee doesn’t eat up too big a percentage of your purchase (or use the Robinhood investing app since trades on it are free) and then buy shares of a company you like. There are more complicated ways to approach stock trading, but investing in businesses you love is usually the most effective.
