Investing is an important part of building wealth, but it can be intimidating. There’s a lot to learn, there’s upfront work, and then you have to worry about the risk. If you’ve been putting it off for these reasons, consider what inflation is doing to your nest egg.
Photo by Dave Barger
Over at Get Rich Slowly, guest writer Suba Iyer reminds us that inflation is a big reason to get started with investing:
Inflation is real. If you just keep your money in a safe bank account and hope not to lose money, you will need significantly more savings to get to a decent nest egg. You do not have to wait to start investing. There are plenty of blogs that spell out what you need to know in an easy-to-understand format. If you absolutely want nothing to do with investing, you can always pick a target date fund and forget about it.
The bottom line: sure, investing is intimidating, but it’s necessary if you want to offset the cost of inflation. And the sooner you get started, the more it can work in your favour.
Are you holding yourself back with these money lies? [Get Rich Slowly]