Although most income investors are retired or close to it, I believe young people are making a big mistake by not investing for income.
So, here is what I'd do if I were 16, 18 or 25 again. I know you'll probably ignore this advice, but I'm compelled to pass it on anyway, in case it does somebody some good.
I know it's not easy trying to figure out the world, and to meet the expectations of your parents, teachers and bosses. You've got to get an education to prepare yourself to earn a living and learn to support yourself (and not to mention deal with relationships), and preparing for an uncertain future seems just too hard.
Your Childhood Seemed to Pass Slowly - Adulthood Picks Up the Pace
First of all -- and this is most difficult -- live as though you have a future, and it's coming a lot faster than you believe.
I let the fear of nuclear war or other catastrophes be an excuse to waste time. You can let global warming and terrorism do it for you, or learn from my mistake.
And though time passes slowly day to day, I promise you that in twenty years you'll wake up and wonder how the time passed so quickly. I realize you don't believe that now. That's okay -- just live as though it's going to happen.
Every Day, Build the Future You Want to Live In
That means meeting your financial obligations of the day -- and then some.
Every day, invest time and money in your future. That could mean furthering your education, working a night job (after your day job) to have money to invest, increasing your professional skills, obtaining a certification . . . every day do SOMETHING to take your life to the next financial level.
Don't think putting in a measly eight hours entitles you to veg out in front of the TV or computer screen.
Your Future is Up to You, and Nobody Else
Secondly, make having financial freedom a priority. Nobody makes it a priority for you -- certainly not your boss -- so you have to make it for yourself.
And it doesn't necessarily mean you retire to a tropical beach at age 35 -- though that would be a smart thing to do. It could mean you continue to work at something you enjoy doing, without feeling trapped or worried about layoffs.
No matter how much you enjoy a job, you'll enjoy it a lot more when you know you can tell give your boss the finger and walk out any day you wish.
And if you -- like most adults -- wind up working a job you don't enjoy, you can use financial freedom to move into a field you do enjoy.
The Surest Way to Wealth is to Let Your Money Work for You, for Many Years
Thirdly, take advantage of the time you have to compound your savings over the long run.
The sooner you start to put some money into an IRA or other tax sheltered retirement account, the longer it grows. The longer it grows, the bigger it becomes.
Don't think you have to work for money all your life. The key to financial freedom is making your money for you.
Myself, I strongly advocate income investing. If I'd started investing for income by buying up dividend-paying stocks (mostly) and bonds (a few) when I was your age, by now I'd be king of some tropical paradise.
I realize that maybe you can afford only $50 or $100 now, and can make only small contributions. Because of the miracle of compounding, the small money you invest in a retirement fund now will be the start of a huge fortune later in life.
Depositing $50 in a retirement account at age 20 is more valuable to you than $500 at age 60.
Other people will advise you to open up an S&P 500 index fund account, and that's a good idea, but investing for income is best. Income investors don't depend on the stock market's ups and downs. They use their investment income to buy even more shares, which increases their income even more.
Author Information: You can begin to accumulate a thick portfolio of income producing assets any any age. Click here to get the information you need to effectively make money from your investments whether the markets go up or down. If you're ready to discover how join other income investors on their way to retiring with financial security, visit this page, enter your email address into the form and click on the Submit Button. Then go to your inbox and verify that. It's free for the taking. http://www.incomeinvesthome.com/.
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