Continuing our series on early investment strategies, Barry Bigelow joined Good Morning Northland to discuss how to start saving and investing for the future.
Starting your investment journey early can seem overwhelming, but financial expert Barry Bigelow says the key is keeping it simple.
“Nobody’s ever come to me and said, ‘Barry, how do I get started? Give me the most complicated strategy,’” he said on Money Matters Monday. Instead, he advises young investors to start with straightforward options like an S&P 500 ETFor target-date funds offered in 401(k) plans.
Bigelow emphasizes the importance of early contributions to a Roth IRA or Roth 401(k) while tax rates are lower. “Those are the years we want to make contributions to a Roth… that allows us to spend correctly when we get into retirement,” he explained.
For those worried about starting small, Bigelow reassures that even minor contributions make a difference. “Even if it’s $5 a paycheck, put it into an investment account where you say, ‘I’m not going to touch it,’” he advised.
And for those procrastinating? The risk is clear. “You can save early and put a little away, and compared to someone who waits even 10 years and doubles that investment, the person who saved early will be ahead of the game,” Bigelow said.
His final tip for long-term financial success: consistency. “The millionaires that I have as clients all have a similar story… they put something away each paycheck, and every time they got a raise, they continued to put a little more.”
No matter where you start, the key is to start today. For more investment insights, tune in to Money Matters Monday each week on Good Morning Northland.
