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But it can be hard to know where to start with investing and with building wealth in general.
Nasdaq CEO Adena Friedman said theresone foundational element of wealth creation that young people need to do.
This is her most important piece of money advice for all investing newcomers, including her own children.
Learn by doing with small amounts of money, Friedman told CNBC.
Taking time to get engaged and educated is crucial tolong-term financial success.
Once you take action, only then can you start to see positive financial results from investing.
Here are some steps you could take to put Friedmans words into action.
Be Prepared for Any Outcome
Investing always comes with risk.
However, being too risk-averse can lead to less financial growth potential.
Ultimately, assuming financial risk through investing is how you’re able to achieve financial freedom.
That said, dont risk more than you’re free to afford to lose.
That will help you build wealth and set you up for financial success in the future.
Slow and steady is the name of the game when it comes to investing.
Invest Early and Often
This is the golden rule of investing.
Consistency with your contributions is key.
Consider this example fromU.S.
News & World Report.
This should especially be the case if youre offered adollar-for-dollar percentage matchon your contributions.
Its also smart to contribute to a Roth IRA if you meet the income requirements.
These accounts are great ways to invest money for your future retirement.
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