ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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age 18
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age 24
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age 30
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as soon as possible
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Detailed explanation-1: -The answer is simple: as soon as you can. Ideally, you’d start saving in your 20s, when you first leave school and begin earning paychecks. That’s because the sooner you begin saving, the more time your money has to grow.
Detailed explanation-2: -By starting early with saving and investing in a retirement account, you’ll likely become self-sufficient and have more control over your life. You don’t want to depend on Social Security, Medicare, Medicaid, or even relatives to take care of you in retirement. They’re all unreliable sources that you can’t control.
Detailed explanation-3: -Record your expenses. The first step to start saving money is figuring out how much you spend. Include saving in your budget. Find ways to cut spending. Determine your financial priorities. Pick the right tools. Make saving automatic. Watch your savings grow.