Economy Metal

Economy Metal
Is the economy going to tank any time soon? Should I start investing for the first time now?

I have heard from several individuals that it is only a matter of time before the economy tanks and that we are about to enter a economic depression. I am a college student and really want to start investing some of my cash in either precious metals and stocks… is now a good time to do it? Do you think the economy will tank in the foreseeable future?

The ecomony is very strong now. The best time to invest is as soon as possible. But you have to be smart about it and not jump in head first. Here’s an easy 9 step program for you to consider…
1.Begin today: No matter what your age, the time to start saving for retirement is now. Decide today and commit to it. The longer you postpone saving for retirement, the more difficult it will in your later years
2.Start saving any amount: The amount you start with really doesn’t matter. It’s the process of placing money aside for retirement that is the important habit you want to establish. Choose as big an amount that you feel comfortable setting aside.
3.Choose a method: If your company offers a 401(k) and matches a portion of your contributions, opt for it and set a goal of reaching the amount of the match. If your company doesn’t offer a 401(k) plan, save money in a standard IRA or Roth IRA
4.Make it monthly: Get in the habit of making a payment to your retirement on a monthly basis — just like any other monthly bill you pay. It’s a bill for your retirement
5.Make it automatic: Once you have committed to saving for retirement, make the savings automatic
6.Be aggressive: Make sure that the amount you are saving is placed into an account that is aggressive, especially in your younger years. You want to earn an interest rate that is well above the inflation rate. Stock funds are much more likely to achieve this goal than money market accounts.
7.Establish a goal: Once you have established an account and are contributing to it on a monthly basis, make a goal of when you’d like to retire. You can use this calculator to help you figure out how much you will need to contribute to reach your goal.

http://finance.yahoo.com/calculator/retirement/ret-02

8.Don’t get discouraged: Your retirement goal probably is not possible with your current retirement contributions. Don’t be discouraged. It will take time to build up the amount you contribute, and it won’t happen overnight.
9.Brainstorm ways to increase contributions: There are a number of ways that you can either save or earn extra money to add to your retirement savings. Take the time to think of ways that you can increase the amount of your contributions to reach the retirement goal you have. While this will entail effort today, it will be well worth the reward when you reach retirement.
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