5 Reasons to Invest Right Now
There are many reasons why you should start investing. Investing early can pay big dividends, but it’s never too late to start!
And just in case you are sitting there thinking ‘I don’t need to invest my money’, here are five of the best reasons why you SHOULD start investing and make your money work harder for you.
1. Investing Makes Your Money Work for You
To earn more income, there are two ways to make money. Either you work for your money, or your money works for you. You will never get wealthy holding your money in the bank, especially now inflation is hitting its highest point in years. Interest rates are minimal and your money is losing value!
Investing isn’t a get rich quick scheme but it will grow in wealth over time. And it is better to get wealthy over time, rather than never right!
2. Invest to Beat inflation
It is an economic inevitability that the money you made yesterday will buy you less tomorrow, due to inflation. With inflation being at 13% and set to increase to 18% (with an ever growing number). It is essential that you make your money grow, and save it from eroding with inflation.
3. The Power Of Compounding
Smart people use their capital (however small) as a solid foundation to earn more money. Have you heard the story of the penny that doubles, every single day for 30 days? Now do that over years. The earlier you start, the more well off you will be over time.
4. A Retirement Plan for You
As boring as it sounds, a retirement plan is key to living in todays society. It is a time to enjoy the fruits of your hard work not scrimping and saving. It’s very difficult to save yourself to that level of retirement, you NEED to invest.. For this reason, it is wise to start early and reap the rewards later.
That said, there is no bad time to start investing if you haven’t already. Build that pot for your future self.
5. Even Tax Benefits Offer Benefits to Investing
Did you know that there are plenty of ways which you can invest and tap tax benefits too?
ISAs and cash ISAs, and even stocks and shares can be tax efficient, which means chunkier returns for you. Pensions and SSAS offer tax relief on your payments as well as being tax efficient for your investment.
There is an old saying that the “best time to invest was 20 years ago, but the second best time is now”, and that mantra is available for any type of long term investing.
