Summer Says: Do I have to be wealthy to invest?

Everyone’s idea of “wealthy” is different.  Some people feel that having $20K is wealthy, others feel $20 million is wealthy.  It’s all relative.  Also, our idea of what “wealthy” means changes as we get older.  The type of lifestyle you want to live is another thing to consider.  Some people want to have a lavish lifestyle, so they would need to invest more.  Others prefer to live a more modest lifestyle, so they would not need to invest as much.  What’s important is to start investing in something!  You don’t have to wait until you have a lot of money.  In fact, you can start small ($50 to $100 a month) and increase the amount as you earn more. The power of compounding interest makes time your greatest ally.  Investing regularly and automatically allows your money to work harder for you. One of the advantages of starting an investment program before you start making a lot of money is that you learn to live on less. It’s never too early to start investing and no amount is too small to begin.