It is probably not the first time you’ve heard about saving and investing for the future. However, it seems as if there’s a great need to continuously emphasize on the importance of having an investment plan in your mid-twenties as you take on more responsibilities in life, such as starting a family, supporting your child’s education in the future, planning for your retirement, and more.
Before anything else, you must know the difference between SAVINGS and INVESTMENT. Savings is the portion of income not spent on current expenses, while investment is any mechanism used for generating future income.
Here’s the truth to connect the two: your savings play a vital role for you to be able to start your investment plan. When you manage the two in the smartest way possible, greater wealth awaits. So as you welcome your mid-twenties, now is the perfect time to work on these two. Here’s a list of what you should consider when jumpstarting your savings and investment.