Easy Money: Growing Your Money!
One of the most important needs that everyone can easily understand is growth. A lot of times, that’s mostly what people want. They save their money, they want to see it grow, and that’s not a problem at all. What you need to know is how much risk you’re taking to get that growth. If you want growth, the trade-off is usually going to be risk. It can be time with safer investments, but it usually is risk if you want exponential growth.
A great example of how you can grow your money is in my article where I covered how to become a millionaire at any age. It shows that compound interest can actually make up a large portion of your portfolio. If you refer back to that article, you know that if you’re 20-years-old and you’re saving money and earning 7% on your income, over 85% of your portfolio will be interest that you’ve accrued. That means you only have to contribute 15% of whatever you need to get there. If you start at 30-years-old, interest will still make up 60% of your portfolio.
What you need to know is that compound interest is huge and it’s something that you really need to take advantage of if you’re trying to grow your money. Now growth doesn’t have to be your only concern, there are other concerns that you should prioritize as well. But if it’s very important to you, you need to know how much you’re going to grow and how much risk you’re taking for that growth.
Securities and advisory services offered through Madison Avenue Securities, LLC, member FINRA SIPC, and a registered investment advisor. Madison Avenue Securities, and Don Anders are not affiliated companies.