Everyone needs to save for something, whether it is for your first home, for your child’s college fees, retirement or simply to ensure financial independence. But not everyone understands the best way to go about saving and the mechanisms that can be used to maximise their wealth.
Using time to your advantage when investing for wealth accumulation is key. Start saving and investing as early and consistently as possible. The longer you invest, the more potential your money has to grow through compounding interest.
Commitment and an understanding of risk tolerance are two other key factors. The power of saving consistently can’t be overstated. Firstly because it’s giving you massive exponential growth using compounding interest and secondly saving consistently minimises the risks of investing your savings, through the power of unit cost averaging. Even putting away a little bit every month into a savings account will help you reach your financial goals.
At Richelieu International we can help you achieve financial freedom with significant experience in international financial planning.