Building Wealth | Financial Literacy Month | Career Girls Role Models
The month of April is Financial Literacy Month. This month is an excellent opportunity to review your financial goals and how you will achieve them. Our Career Girls role models provide tips on saving, investing, and the importance of delaying instant gratification. It is never too early to start building wealth!
Building wealth is all about how to create and maintain the ability to grow your financial resources.
Having that financial stability will help you to take care of your family, will help you to take care of yourself and delaying that gratification, and what I mean by instant gratification meaning "I have to have it now". You can have it, maybe not right now, but if you work hard enough for it, you can have it in the future, and it goes back to always having that vision. What is it that you want?
If you can start to think about if I only put five dollars away each week, the ability to have that compound at interest rates and very simple cash accounts at your local bank. The ability to start to see that grow over time and as you educate, you can actually then make more, more types of investments. Maybe when you're outside of college and this idea about saving to keep yourself out of debt is a really important way in which you can have the most value for your money.
You can calculate if I put in $200 every year for the next 15 years at a 6 compound rate. How much will I have 15 years from now; it's a practical way of looking at how you can use math to create the life that you want.
So the more you can build wealth now, the more you can invest now; the more return you'll see and the more financially independent you'll be.
It's really never too early to become a disciplined worker, and you need to look at the earnings from that job, again not to simply support yourself and do retail therapy or, you know, spend money that's unnecessary, but to really think about how you can use those earnings to build your financial future.
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