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Instead, yourmoney works for youafter years of hard work combined with diligent saving and investing.
Here are some statistics to note:
Overall, the retirement outlook is generally pretty positive for Millennials.
This means always spending lessmoneythan youre comfortably able to.
Someshort-term investmentslike trading options, for example, carry higher risk and increased tax liability on any gains.
Keeping your money in the market over time usually results in long-term growth due to compounding.
Understand Taxes and Plan Accordingly
Everyone has to pay taxes, theres no way around it.
Understanding how taxes work and what percentage of taxes youll pay based on your income bracket is key.
If the investment fails, you still have a lot of time to make up financial ground.
First, open a high-yield savings account to use for your emergency fund.
Youll earn a risk-free APY on your cash, which will grow your wealth over time.
Set a realistic goal of saving at least $1,000 in cash first.
From there, consider automatic deposits that align with your payday.
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