June 2021
Beginner
304 pages
8h 8m
English
Content preview from Investing in Your 20s & 30s For Dummies, 3rd Edition
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Chapter 17
Ten Essential Tips for Investing Success
IN THIS CHAPTER
Making the best investing decisions
Fitting your investments into your overall planning
Investing appears to be complicated and complex. But if you can take some relatively simple concepts to heart and adhere to them, you can greatly increase your success.
In this chapter, I present my ten favorite, time-tested principles of investing success. Following these principles will pay you big dividends (and capital gains) for many years to come.
Regularly Save and Invest 5 Percent to 10 Percent of Your Income
Unless you enjoy a large inheritance, you should consistently save 5 percent to 10 percent of the money you’re earning. When should you start doing this? I say, as soon as you begin earning money on a regular basis.
Preferably, invest through a retirement savings account to reduce your taxes and ensure your future financial independence. You can reduce both your current federal and state income tax (on the contributions) as well as these ongoing taxes (on the investment earnings).
The exact portion of your income you should be saving is driven by your goals and by your current financial assets and liabilities. Take the time to crunch some numbers to determine how much you should be saving monthly.
Understand ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.