It is a simple fact. The earlier you start planning for retirement, the more money you will have invested. Chris Linkas, a financial advisor at a UK-based investment group, has more than 25 years of finance experience and knowledge. He uses this knowledge and experience to convince civilians and military members alike how to start investing early and save as much money as possible.
According to Chris Linkas, these are the benefits to investing early.
- Improved quality of life: Military member who invest in their retirement plans such as a 401 (k) or thrift savings will improve the quality of their retirement years. They will have more money to use. An improved quality of life is not just for military members. Non-military members can invest early and see an improved quality of life that includes less worrying about retirement funds.
- Take Risks without having to Pay for it Immediately: Investing is high risk. In fact, the more volatile the higher the risk. Some ventures may end up as failures and cause you to lose money. According to Chris Linkas, you have the freedom to endure these risks and lose money when you invest early. You can recoup your losses later. If you wait and invest later, you run the risk of losing money you cannot get back later.
- Improved Spending Habits: Investing early keeps you more disciplined spending habits like making a budget and eliminating some spending.
- Be Ahead of other investors: The earlier you begin investing your money, the better the investment opportunities available to you.
- Get the Compounded Interest: According to Chris Linkas, compound interest is the type of money earned on interest. When you invest, your money earns interest. That interest also earns interest. Under the right financial conditions, you may earn three times the amount you would just on your compounded interest.