Why people should invest while they’re still young
Post date: Oct 23, 2020 9:51:32 PM
One of the biggest investment mistakes people make in their lives, according to Scott Tominaga, is not investing while they’re still young. Whether it’s property or insurance, people should invest while they’re still in their 20s. This is basic and sound financial management. Investing once they have the means to do so will lead people to enjoy future returns. The goal here is to be financially secure once a person retires, or can no longer work. A portion of one’s salary should go to a sound investment and Scott Tominaga puts that number at 10 to 15 percent of their annual income.
There are many investment opportunities open for individuals. There are stock options, real estate properties, insurance policies, business ventures, etc. The list goes on. Of course, it’s important to do a whole lot of research before investing. As such, Scott Tominaga advises people to talk to professionals or even hire these professionals to help reach their financial goals. It’s also paramount that before investing, people have a clear picture of their cashflow, so they know how much money they’ll be putting in whatever investment they choose. While there is nothing wrong with investing later on in life, Scott Tominaga explains that all those years spent not investing in an opportunity that could have yielded significant returns will come back to haunt a person. So, what are you waiting for? Start looking for something to invest in now.
Scott Tominaga is the Chief Operating Officer of PartnersAdmin LLC, a company established to provide a quality, outsourced solution to meet the dynamic back-office needs of the alternative funds industry. Check out this blog for more articles on business and finance.