Investing doesn’t have to be scary. Or complicated. Or even something that you need to spend a lot of time and attention on. You have plenty to do, so the last thing you need to worry about is how your money can make money. Fortunately for us, David Pere has us covered.
In this episode of From Military to Millionaire, David Pere walks us through how to start investing. Don’t have time to watch the whole video? Here are the highlights!
The most important thing to keep in mind is that even if your nest egg isn’t very big right now, that doesn’t mean it will be small forever. No matter how much you have to start with, the most important thing is to start! Even if you only have very little to begin investing with, you should start investing as soon as possible. The earlier you start investing, the quicker you’ll learn how to do it correctly. Taking action is the best way to learn.
Don’t let fear get in your way
Yes, investing can be risky, but that’s not an excuse not to do it. Don’t let fear hold you back. The longer you wait to invest, the more time you waste when your money could easily be compounding. You can find investment strategies that suit your level of risk tolerance and automation.
There are plenty of both low and high-risk investments to choose from. It’s better to take more risks at an early age, especially if you have a stable career in the military. Investing when you have a stable career means that even in the worst-case scenario, you’ll still be able to take care of your basic needs.
Invest as much as possible, as soon as possible
The first place to allocate funds from your paychecks is your investments. This guarantees that you’ll always be investing instead of making unnecessary purchases. A plan like this allows you to start banking for a great retirement. It’s all about delayed gratification, where you resist a reward now in exchange for a bigger reward later. Research proves that if you’re able to save for later, you tend to be much more successful in life. So, the more expenses you cut now, the more money you’ll have later on if you invest every penny you can.
As you get closer to retirement, it’s wise to be less risky in your investments to protect yourself from a recession right before retirement. Finally, track your investments periodically, especially for riskier investments.
David Pere is a former active-duty Marine who is on a mission to educate the military community about financial readiness. Most people hear that term and roll their eyes, but Pere wants everyone to know that readiness can be achieved – without a lot of effort. He teaches personal finance and real estate investing to service members to help increase savings and increase their chances of achieving financial freedom.
Want to learn more about Pere? Check out the Military to Millionaire website, and connect with him on Instagram or Facebook. Subscribe to his YouTube channel here! Take a look at David's book – The No B.S. Guide to Military Life here.
Looking for more ways you can be financially strong? Check out what's new on our Mighty Money page.