So lets start off with what young people usually do with them money or income. In school, they don’t get taught how to make money in the real life, nor do they get taught how to even save or use money correctly. That is why so many young people come out like so many, broke.
So what do they do when they have a job and start receiving income? They go out and use all their money on shopping, cars, clothes, alcohol etc. That is why they find themselves in a position where they have to go work week in and week out.
Listen, if you can save 10% of your income every week, you’ll be in a position better than most. If you can save more, then wow you could yourself potentially retiring quicker than others.
Now once we have a nice savings account that we have saved up all these years, where can we put it into so we can use it to make ourselves more money. There are things like property, buying shares or even a nice interest paying savings account.
These days if you buy a property you need a deposit on it, depending where you live in the world. Lets say it’s 10%, so if you bought a $200,000 house, you would need $20,000 plus all your fees for stamp duty and legal fees. Now look at the point here, we are buying property to make money out of it. So how can we make money from properties, well through capital gain, positive geared properties etc. So make sure when you buy a property look at the market and find places that are going to boom in the next couple of years. That is what you call good investments for young people.
The next thing you can do is buy stocks in the stock market. This can be quite dangerous but if you have no knowledge in the stock market, because there are so many strategies out there and some can make heaps of money and some can lose you a lot of money. So that is why I would say get an education about the stock market before you start investing in it.
Another very conservative strategy is to put your money in an interest savings account. I don’t usually do this because really you get nothing out of it. For example, if you have $1000 in a savings account that is paying 6% per annum, you would make $60, which is not really worth it. So try to put it into better investment strategies out there.
At the end of the day, these are good investments for young people. Get started as soon as you can and you’ll find yourself in a better position.
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