Whether you are a student, young professional or nearing retirement; single, married or a parent, you have goals in life. Your goals could be long term for instance acquiring a property, planning for the kids' university fees or living comfortably after retirement. Or they could be short term goals like going on annual holiday with your family. Regardless of what your goals are, if you want to achieve them you need to plan. And you need to start doing that now.
You must decide what you do with your money.There are three options; you could spend all of it now, save it for the future or invest it in certain assets. Spending all your current income is not really the wisest thing to do because you will not have enough money to fund your plans and you wont be sufficiently prepared for the rainy day i.e. that day when your income sources will run dry. If you save a part of your income then you will have something for the future but your wealth could actually be eroded by inflation if it is not properly invested.
So starting today, make a commitment to save and invest a portion of your income. Decide how much of your monthly income are you going to spend, save or invest. No matter how small, whats important is to start saving and investing religiously and 20 years from today you will realise what a wise decision that was.
Start saving and turn your goals into reality! In our next post we discuss the basics of investing.
