People often argue if money is the most important thing in one’s life and that money cannot buy happiness. But one thing that we all can agree upon is that money is the second most important thing in our lives because it can buy you time and freedom which is more or less the same as happiness!
Realizing the importance of money does not make you materialistic. Rather, it makes you a practical person because you understand the value of money. It is not the money that should amaze one, it is what money can do for you. Money provides you with choices and freedom in life. Having money in your pocket makes you have control of your life. It allows you to decide how do you want to spend your life, it gives you the freedom to choose who you want to be. But, do you know what is the best thing money can buy for you? More money.
Saving money will never help you grow your money. But, investing a small part of your money can help to multiply it. Let’s discuss more on how investing at an early age can benefit you.
#1 Time Freedom
It is the most obvious and important benefit of investing money. Time freedom means having the time to roam meticulously throughout the world. It means not being stressed out and run around like a headless chicken on steroids. Having the freedom of time allows you to retreat and relax, and let you value this beautiful life in a much deeper way. Studies have shown that investing at a young age will make you end up with far more money than those you invest later in life. Having time on your side means you decide what you do with your time and not the bosses at your office. Once you start investing and earning, your job will no longer remain your only source of income.
#2 Compound returns
“Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.” Compound Returns prove to be a real benefit over the long run. The earlier you get started the greater you have the chance to take advantage of this. In simple words, the compound return is the power of the time value of money.
#3 Quality of life
“Quality of life is an overarching term for the quality of the various domains in life. It is a standard level that consists of the expectations of an individual or society for a good life. These expectations are guided by the values, goals and socio-cultural context in which an individual lives.” Good quality of life is the most tempting benefit of investing money. By investing at an early age you will be able to achieve financial stability faster in life which leads to a steady and good quality life.
Investing is how you build wealth. As a millennial, one can invest in various ways such as Mutual Funds, Bonds, IRA, Online stock brokers, Individual stocks, Real Estate, Crowdfunding, and various others. But we don’t always meet our month ends and it becomes difficult to think about investing money.
Well, we have a solution; rather than opting out of lucrative investments to cover urgent expenses, youngsters can loan those expenses using Instant Cash by EarlySalary. Instant loans are extremely different than bank loans. Bank loans are given over a long period of time and require a legitimate reason to ask for a loan. At EarlySalary, you can loan money for minor reasons like a monthly cash crunch. EarlySalary’s short term loans might be the best solution for an unexpected cash crunch or even an instantaneous Goa trip.
Through EarlySalary, you can get a loan up to 2 lakhs without any prepayment charges. You can borrow and repay the loan on your own terms. Applying for the loan is effortless and takes only 5 minutes and you get the cash transferred to your bank account instantly.
This way you can easily keep investing and for any urgent expenses such as throwing a party for friends, going on a short vacation or repaying a friend, we got your back!