Investing when you’re young sounds like an expensive and daunting task, especially when you have just started your first job, but the best time to start is with your first pay cheque. Given the choice, it’s much easier to put off the idea of investing and just buy the latest shoes and gadgets -this is the most common yet risky mind-set of a lot of young people.
There are plenty of investment options available that don’t require you to have millions. How much you save depends on what you want and what your goals look like. There are investment and savings options that require as little as R300 a month.
As part of the Global Money Week initiative taking place from March 12 to 18, empowering young minds on the importance of investing and taking care of their financial future is key to the agenda. Managing director at Itransact, Lance Solms, shares tips for you to get started as an investor:
Keep in mind that savings accumulate and the interest compounds, as long as the money is not withdrawn, so it's wise to establish an investment vehicle early in your working life.