A common answer I am receiving from most of the people is, they are earning well but does not have enough money to invest now. There are multiple reasons behind such answer. Some of them thinking that, start investing require plenty of money. Remember, it is just a myth. You can even start investing with very few bucks.
While others in this group not investing any amount because of the less surplus due to the lack of budgeting, unnecessary fear on lose, huge debt etc…
Remember the thumb rule of financial planning “Start saving as early as possible”. Generally, a person requires to save and investing money from the day of getting first salary. By starting your financial plan at the earliest, you are allowing your money to grow maximum with the power of compounding.
Don’t be over enthusiastic here. Develop a good, regular and disciplined investment plan to invest some amount each month with good instruments. Increase the investment amount along with increase of your salary or income.You are not going to invest any money once if you are waiting to come plenty of money in your hand. So start early with little but regular investments and see the power of compounding.
This is Part 4 in a series on Top personal financial planning mistakes. The full series is Part 1, Part 2, Part 3, Part 4, Part 5 and Part 6