On your 15th birthday, there is a high probability that your savings are low-key. Your sources are most likely fixed pocket money, or small-time earnings, and your investments if any, are just born. It’s natural for most of us to constantly see-saw between our financial status and our personal expenses; food, commuting, personal needs, social commitments, and sometimes even rent, can play obstacles in our saving goals.
While striking a balance can be challenging and may even ask for small tweaks and sacrifices in your routine plans, making provisions for tiny investments may prove extremely reassuring futuristically. When you look back somewhere later in your journey, this article will definitely count as one of your most worthwhile reads!
Here are ten reasons why you must start investing by the age of 15:
When you are a new player in the investment game and especially when your resources are limited, it quickly helps you inculcate a habit of spending wisely, tracking your expenses, and managing your savings. Before you know it, you have mastered one of your life skills!
2. More growth span
The earlier you invest, the quicker you can expect returns. Your new piggy bank gets some time to grow. In fact, by the time you have entered post-grad, you have probably created a decent, self-made financial support system for yourself!
When you hit your 20’s, let’s say you begin reaping the benefits of your investments already but you don’t really find the need to spend from it. Your money could just be compounding with time to get larger in size! At your age, you could probably indulge invaluable things/facilities that others may not afford.
Big or small, if your surplus collection sits in the right avenues, you don’t need to borrow money anymore! Accompanied by interests, returning the amount could take longer than you imagine.
5. Risking it
You are sure to discover your risk-taking ability very quickly when you manage your finances early. At this stage you are most likely at an advantage of not having very large commitments too, hence stability is usually not a very big concern, and taking chances is simpler than if you had to during your adult phase.
6. More recovery time
Even if you incur a loss in an unfortunate event, you have a large repair time as compared to someone who has invested way later and ends up losing money then. Wounds are known to make great experiential learners.
7. Supplementing further income
Savings and smart investments can actually allow you to be a creditor. You could lend a percent to someone in need and build through the interests too. Just like loans work.
8. Winning trust and confidence
When your family learns how your investment makes leaps, it certainly makes them feel confident about the responsibility you are taking. This could help them financially, or on the contrary, your family could support you further in building your financial ladder!
Incurring unexpected losses, the need for a sudden uncalled-for expense, medical emergencies, etc. can always be sorted if your investments have allowed you some buffer. Early planning makes this sound easily possible.
10.Planning a retirement
Given that you are at a stage where your age or health is not on your side, you sure don’t want to roll down the slope as your expenses could outpower your income. Early investments promise a comfortable retired life and a secure future.
Not many of us realize the power of being 15! So, do you want to take baby steps in your finances today and taste the fruits tomorrow?
Connect with Salesflying for expert business consulting services and embark on your investment journey today!