Warren Buffet once said, “Never depend on single income. Make investment to create a second source.” Buffet is an American business magnate, investor and a philanthropist. He is also known as one of the second wealthiest person in the United States having a total net worth of $78.7 billion. He developed his fascination in business and investing during his youth.
Another amazing quote goes like this, “Anyone who is not investing now is missing a tremendous opportunity.” This was stated by Carlos Slim. He is like Warren Buffet – a business magnate, investor and a philanthropist. Back in the years of 2010 to 2013, he was ranked as the richest person in the world. He always wanted to be a businessman and began investing at a young age.
They are just two of the richest people known in the world. Now, what do you think is their common denominator? First, they are fascinated with the workings of the business world. Second, they began investing — and not just investing, they began at an early age.
Why investing is important?
Imagine working your whole life for an employer. You might be doing well at the moment – getting raises each year, progressing with your career, having the means to buy a house and a fine car, going to vacations every year, eating out with your family and enjoying the good things in life. However, you get old and your skills deteriorate. You might be able to save some money for retirement, but do you think it would be enough to get you through old age?
When you do investment, you let the power of compounding interest aid you while you save. Thus, you start by slowly accumulating your wealth over time. It is not just a scheme in getting rich quicker, but a time tested method proven to be true and advantageous by billionaires like Carlos Slim and Warren Buffet.
What are the benefits of investing?
You are being given the means to use during cases of emergencies
Financial crises are a part of life. There are times that you just are not or cannot be prepared about everything. If you were hit by startling circumstances, would you have the means to make it through that period?
With investing, it is like you are creating a financial cushion where you can bounce once life has dragged you down unexpectedly.
You are making yourself financially secured.
This is somewhat analogous to having yourself build a large cash reserve. Financial security depends on how much you allot for your investment. Building large cash reserve may mean lessening your future financial anxiety and becoming more empowered in the future.
You are giving yourself the chance to fulfill your financial goals.
You might be dreaming of buying a big house, a nice car, finance your children’s education as well as fulfill other goals written on your bucket list.
You are creating your own wealth.
There are various investment options that help you out to grow your money in a couple of years.
You are preparing yourself to fight inflation.
Inflation is like a savings-eating monster. Every year, prices keep on rising. With investment, it helps you protect your funds against inflation.
As the old saying goes, “save for a rainy day,” but since that is an old saying, it does not apply anymore in today’s situation. Investing is a proven way to help build your wealth rather than purely saving. It helps you expand your capital. Now that you have seen the importance of investing, getting started should be the next step. The choice is left to you. Do you think that going for that choice would let you enjoy the consequences later on?
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