The fundamentals of investing
Do you know what your financial goals are? Are they to save for retirement? Pay college tuition for your children? Buy a house? Plan an extraordinary vacation? It is important to get into the habit of saving – whether for the long term or short term – to secure a successful financial future. Prioritizing your goals, developing a time frame and understanding basic investment concepts can help you determine the best way to meet your financial objectives.
Keep in mind that the earlier you can start investing, the easier it will be to reach your goal. Let's say, for example, you are considering how much you should save monthly to achieve a retirement goal of $1 million by age 65. The graph below illustrates the amount of monthly savings at various ages needed to reach your goal using a 7% hypothetical rate of return. Remember that results may vary as investing involves risk, fluctuating returns, and the possibility of loss.
Monthly savings needed to accumulate $1 million by the age of 65
The earlier you start investing, the easier it is to reach your goals.
It's Time to Learn More
Below are some basic education materials that may assist you.