Here are our 5 ways to quick start an Investment plan... because starting is your biggest hurdle.
1. Commit. Admit it, you’ve been stuck starting-Don’t waste time doing budgets. Take 10% of your take home pay and commit to it. You have to save first and spend what’s left.
2. Find a good #MutualFund. If this is long term savings a well rated large cap fund should do. Don’t over complicate.
3. Automate. Arrange with the fund to automatically have the funds withdrawn a day or so after your paycheck goes in. Lose the temptation.
4. Be consistent. Don’t change your amount for at least a year.
5. Don’t look at your statement too much-that can derail you in more ways than one. But if you do, remember, your goal is accumulating shares of the mutual fund not worrying about today’s value- that will take care of itself!
You won’t like it for a month or two, you’ll get used to it in month 3 and 4 and within a year you will be addicted to saving.