When you’re just beginning your career, it can seem impossible to find the extra capital to begin investing or saving for anything, but getting a head start on investing in your early 20s can pay monumental dividends down the road. Here are 10 ways Metroplex Wealth recommends young professionals get ahead when it comes to building long-term wealth:
Build an Emergency Fund
Depending on your risk tolerance, an emergency fund should be somewhere between 3-9 months of living expenses on hand and liquid in case you need to access it in a pinch. Do this first before moving forward with other investment strategies.
Take Advantage of Time
As a young professional, time is on your side. Compounding is the greatest gift of an early investment – an investment opportunity that you cannot ever get back.
In that same vein, the longer timeframe for investments mean you can take more risks with your money. Consider talking with a wealth manager about aggressive growth funds.
As you’re learning the markets and the investment style that works best for you, start with a conservative amount of money and only invest that which you don’t need for everyday expenses and your emergency fund.
Use Networking to Your Advantage
If you don’t know where to start with investing and building wealth, do not be afraid to ask. Ask others what they are doing. Look to older professionals you trust and ask what their strategies are; ask which companies they invest their money with. You never know until you ask.
Are you ready to take the plunge into investing and building long-term wealth? If so, give us a call at Metroplex Wealth in Southlake, Texas – the top wealth management firm in Southlake. Each investment approach is tailored to your individual needs, ensuring we’re doing what’s best for you and your long-term financial goals. Set up a consultation today and let’s talk about building wealth now!