A top ingredient in the recipe for financial freedom
The sooner you can start investing the better you are,” says Suze Orman, US a ut hor a nd financial adviser. “There’s the timing of the market – when to buy and when to sell – but the most important time in every single one of your lives is the time to start investing. Time is the most important ingredient in any f inancial freedom recipe.”
Everyone wants to be f inancially free. However, a large percentage of consumers wait for the ‘perfect moment' before saving and investing. What you need to understand is that there is no ‘right’ time to start investing. The more time you let pass while you're sti l l deciding, the longer you’ll take to reach your f inancial goals.
However, there is one thing that consumers need to keep in mind before they decide to start saving or investing: settle your debt f irst. Matthew Marais, Fulcrum Capital founding partner and CFP, says that paying down your debt is the safest investment you can make. “It protects you f rom the risk of rising interest rates, gives you back more income tomorrow to invest more aggressively, and the returns are absolutely secure,” he explains. Marais f ur t her adv i s es pay i ng off your short-term l oans fi r st, followed by your credit cards and store accounts – pay off the most expensive debt in terms of interest charged f irst.
Unfortunately, one of the major contributing factors that put people off investing – especially with regard