The wise always say that procrastination Is the thief of time and as Christopher Linkas, the financial experts put it, many people procrastinate their savings and investment and all they end up doing is stealing their own retirement cushions. Many people end up being burdens to their own family members with huge maintenance cost that they could cover for themselves.
The 1991 graduate of Bowdoin College implores millennial to start investing and saving now because the greatest gift they have is time. As Linkas puts it, it does not matter how much you start saving per month because there would be a little help from the greatest mathematical formula of all time called compound interest that will give you a hand. The interesting thing with compound interest is that you gain extra from the interest you just gained. Interesting enough, if you also gain dividends you also earn an interest when you invest. However, it is common knowledge that saving is not a child’s play. With increased expenses and the lure of millennials to the high life, saving becomes increasingly difficult. Christopher in his time leading financial companies like the RER Financial Group, AEW and Goldman Sachs he has gained some experience that he can share with the young adults.
First, you should establish rules to assist you in managing your finances and making sure you do not overspend. Secondly, learn to make a budget of not only expenses but also income and stick to it. This would help you know the amount you need to save or spend. Thirdly, encourage yourself to take greater risks over time, but always use your common sense to learn what is too much risk. Lastly, make sure to diversify your income and portfolio. This will help in making sure you have enough when the clock ticks down on you.
The aim and drive should be to save at least 8 times your annual salary by the time you reach retirement. Christopher Linkas adds more tips to becoming a better investor. He asks millennials to use the power of technology to do their research and familiarize themselves with the world of investment. The encouragement he lives for the young adults is that the greatest gift they have is time and no matter the hardship or failure they face, they should never give up because time always heals all wounds, even financial ones.