Currently set to Follow

Tips for Engineers Who Want to Become Financially Independent

Invest, invest, invest!

Share via
2 shares, 7 points
Share via

Being an adult and facing the real world are never easy tasks for someone who has no clue in dealing with her finances. I came from a family who knew their way around money and luckily for me, not a day goes by when I had to starve because my parents’ investments paid off very well. So I promised myself that as soon as I earned my engineering degree, I will start investing any money I get for my future.

Two paychecks have passed and here I am, still a little bit clueless about my finances and possible investments I can put my money into. Though my journey to becoming financially independent has no signs of progress yet, my plans to invest is still there. I’m sure there are many engineering yuppies out there who have trouble with finances, so here’s an advice I’d like to share to you – an advice I kept getting from my dad since high school: Invest your money as early as you can.

While I believe that investing on experience and traveling is good for everybody, I also agree with older cautious people on how yuppies should always learn how to invest their money wisely as early as they can. Here are some of the reasons why fresh graduates and young engineers should start investing their money wisely:

Stock photo

1. While we’re young, we can take more risks since our responsibilities are not yet heavy.  If the risks pay off, we can reap more rewards from them. If what we invest on turns out to be a failure, we can still make up for it since we’ll be wiser the next time we invest on something else.

Read more  A New Country in Space is Being Formed

2. As soon as we get the hang of investing our money properly, we’ll value the money we earn more. It means we’ll be more careful with our spending habits. That’s a good thing, right?

3. When there’s an improvement in our spending habits, we learn the difference of needing something and wanting something. If we avoid giving in to our desire to buy everything we want, we can start saving for the rainy days. We don’t have to worry about the money we’ll need in case of emergencies. Debts won’t even become part of our vocabulary in the future.

4. You’ve heard of compound interests right? Well, investing early rewards you with more money when dealing with compound interests.

5. If you invest early, you’ll be able to afford things early compared to your peers who decide to invest later on in life.

If you’re not confident about investing, it pays to talk to your friends who have started investing. Bankers are also very willing to guide you in different investment plans their bank offers. Different investments are available such as life insurance, stocks, savings and bonds. You can also invest on real estate and own your own business. There are also financial planners available to help you with your finances.

A word of caution:

There’s always a risk in investment. There’s no guarantee that you can earn the big bucks in your investments. There’s a huge possibility that you might even fail. That’s why it really helps to start investing early.

Article Source

Read more  Engineers Propose Floating Islands So We Could Live Amid the Rising Sea Levels
Business Insider
Share via

Like it? Share with your friends!

Share via
2 shares, 7 points


Your email address will not be published. Required fields are marked *

I accept the Privacy Policy * for Click to select the duration you give consent until.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Send this to a friend