With the new year finally upon us, many people are looking for new resolution ideas to stick to in 2022. Make 2022 the year that you set yourself up for financial, career, and personal success by starting to invest in yourself. The earlier you begin to invest, the more you will benefit later on. Investing early helps you be prepared for the future and stay adaptable in case of the unexpected. Find some prime examples of how to start investing so that you can change your life this year.
Invest In Retirement Early and Become a Millionaire
Did you know that if you invest $10,500 in a 401(k) account by the age of 25, with consistent contributions it’s possible to become a millionaire by the age of 65? By investing what you can afford early, you can reap the rewards of compound interest. Furthermore, this allows your money to grow over time even if you start with something small. It’s important to try to max out any contributions you make to your 401(k) or IRA accounts every year so that you give yourself the best opportunity to increase your wealth over time.
Find Additional Ways to Invest
If you already max out your retirement contributions, you’ll need to channel your hard-earned money into other avenues that can grow your wealth. For some people, investing in the stock market can seem daunting and also comes with a relative amount of risk.
Explore taking out a whole life insurance policy because it not only provides a safety net for your loved ones but also gives you the opportunity to invest in a cash value account that grows over time. This money will be available to you if you need to borrow funds. Moreover, it will be protected from the volatility of the stock market.
Cultivate Your Network
A surefire way to invest in your career success is to work on creating a vast network of connections. You can do this by updating your social profile on LinkedIn and focusing on your activity. One key way to really invest in your network is to engage with others and the content they put out. Like, share, and comment in a meaningful way to cultivate a personal connection with others.
Your engaged networking will pay off if you ever need to pick someone’s brain or ask for an introduction later on in your career because your contacts will remember your previous interactions. That like or comment may just be the first step toward a more fulfilling career or higher salary.
Investing isn’t just about your career or finances though. For more inspiration on how to invest in other areas of your life like your brain, body, and family, check out this infographic from The Zebra.
