Invest Some Dough
Once you know your cash flow and have a good control on what you owe you’ll be ready to INVEST SOME DOUGH.
INVESTING simply means BUYING things that MAKE you money instead of things that LOSE you money.
Think about the stuff you buy as a teenager:
- Video games
- Clothing & accessories
- A vehicle
All this stuff has one very important thing in common – they all DEPRECIATE in value. That means they start LOSING value as soon as you buy them.
Look at these other things:
- Real estate
- Art & antiques
- Stocks & bonds
What happens to these things? They INCREASE in value as time goes on.
TIME is the most valuable investment tool – that’s good for you because you are YOUNG and you have lots of TIME.
Remember the two examples in my lecture:
* Based on a projected long-term, dollar-cost averaged growth rate of 6%
Even though you have less money NOW – the earlier you start investing your money – the harder it works for you!