One of the most important things you can do to create a healthy financial life is invest regularly and automatically. If you’re not already investing, don’t wait another day. Don’t wait because time is not in your favor. Unfortunately women think we have to be perfect and know everything before we start to do anything. Simply investing $50 per month will help you create financial independence.
It’s important to understand the difference between savings and investing. Saving money won’t make you rich, but it will be there when you need it. Savings are when you put your money in checking accounts, savings accounts, certificate of deposits, money market accounts, U.S. Savings Bonds, etc. Investing involves more risk, but if you make good investment decisions, your investments will yield higher returns over time than savings. Investing is when you put your money in stocks, mutual funds, bonds, etc.