Being part of the 21st-century generation, we need to assess early investment planning because it matters your promising future among your family. However, the young generation may haven't enough knowledge of early investment, especially to those with a lack of education when regards to it. Let me show you my point of view of early investment rather than later; let's see what would be the first to prioritize the needs or wants?
By investing early, your investments grow over time. Later on, you can afford things that people who are new to investing can't. Thus, investing early improves your quality and standard of life. Research says that people who start investing early on are much less likely to have issues with overspending over the long run.
Being young is a precious asset when it comes to investing. You are more receptive to advise at a younger age and willing to learn from your own experience. You are also ready to learn from other prominent investors, like Benjamin Graham and Warren Buffet.
Meanwhile, at the top priority of your early investment is your basic needs such as foods, shelter, and necessities rather than your wants that might get into unsuccessful young investors. Some of them earn money to buy luxury and high-cost value things that they might seem to matter, and it should be peer pressure, go with the flow with the trends, etc.
I must say that it might be one of the straightforward points among all the benefits, and it might also be one of most vital of all other interests. Investing at a young age is far much better than investing at an older age. Having time on your side means that you have enough time to save money and invest. You also have a better opportunity to choose investments that will have great value. I also believe that It's a great benefit if you want to be an early young investor. If you invest in items like retirement accounts, you will avoid making frantic steps during the retirement period. During retirement years, the quality of life will be more significant since you will have no stress. Saving money at a young age is not easy, but avoid investing when it's convenient. Start by investing what you have, no matter how small it is, and give them enough time to grow.
Investing, as with anything in life, benefits from an early start. In investing, slow and steady is good. Planning early and often for retirement will empower you to control every stage of life that could be pretty exciting if done right.
Needs Vs Wants
In addition, "wants" represents a term that refers to a strong desire to possess or do something. The term "needs" is defined as a lack of the means of subsistence and represents things we must have to survive, such as food, water, and shelter. The main difference between need and want is that "want" is a desire to possess or do something but is not essential for a person's life, and need is vital or very important rather than just desirable. Wants and needs are economic terminologies, but your life needs are essential while "wants" are something to wish for. There is a link between needs and wants. The needs are in their place, but wants can be linked to needs. You can choose how your needs could be. For example, if exercising is your need, exercising can be selected according to your likeness.
For example, maybe you like to jog, or perhaps you want to walk, or perhaps you like to go to the gym. The way of fulfilling your needs can be altered according to what you like.
If you don't know about your life's different needs and wants, you must be in a mess. The difference can lead you towards a decent lifestyle, whereas you are wasting your time and money regularly if you don't know the difference.
When you get to know about your needs and wants, you can make a clear image of managing your budget plan accordingly. This is an important term in spending a decent life save a lot of money.
For example, those who are specifically in middle age, students earning part-time, keep on complaining that they don't have enough money or savings. This is the scenario or result of lacking in keeping track and record of your expenses.
Wants are not inherently wrong. They are pleasant and often can help you accomplish essential goals like keeping in touch with loved ones, having fun, or staying healthy. But they are not necessary to your survival or well-being.
If your budget is tight, it can be easy to stop putting money towards savings or long-term financial goals such as:
Paying off debt
Filipino Culture investment
In Filipino Culture investment, the main target is buying a house and lot for their loved ones, they work hard and earn a lot of money such as our Overseas Filipino Workers, they put to their mindset that the first investment why to work abroad is to buy a house and lot. To simply put it, a house lot is a portion of land with an owner that was assigned to by a governing body. It is a long-term investment that owners can pass on to their children and other relatives.
What happens if you invest later?
At an early young age, we have a lot of energy to do some works; we can evenly have a twice or thrice job for us to be able to achieve our needs at the same our wants. When time goes by, we become old, and our energy loses downtime by time, and we haven't to supply enough power to finish some works, then the results will be having a risk when it comes to our health. The bottom line of this is if you are at a young age and have a sustainable regular job, do early investment wisely yet practical manner.
Among the most critical factors that decide how wealthy you can get for investing is when you start. After all, as they say, the early bird gets the worm. Investing early can help you grow the amount of wealth you are accumulating. Even if you don't have too much to invest, even a dollar can help compound your wealth rather than nothing. So, instead of waiting for a work bonus or raise to start investing, start now. If you want to invest money wisely, you need to start as soon as you can.
By investing at an early stage of life, you learn a pattern of financial independence and discipline. An early investment teaches the real difference between investments and saving. Never think young age is a barrier to making an investment, as you are never too young to invest. The Little amount of money invested now will put more money in your pocket in the future.
Lastly, early investment in a suitable manner, wise and practical, may result in your successful future even your family needs and wants.