Evan came into my Creating a life in music class at McNally a few weeks ago. He spoke about Investing and retirement. Here are the main points I got from it.
-When you are younger, you can take more risks. Equities, growthfunds.
-When older, shift to safe investing - Bonds and securities.
-Mutual funds. Investing in multiple companies, safer because if one company goes under, you are still invested with other companies.
-IRA (individual retirement account). Traditional vs Roth.
-Start a retirement fund ASAP. The sooner the better. Use the compound interest to your advantage. The longer you invest-the more money you make.
-Hardest investing principle- Buy all the way down. Keep buying even when the market is going down. If you look at the overall shape of the economy over many years IT ALWAYS GOES UP.
-LLC vs Liability insurance. LLC's good for over 100k salaries. Insurance is cheaper (just Evan's opinion, many would argue).
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