Learn how to start investing with small amounts and grow your wealth over time
What does it mean to pay yourself first?
Paying yourself first is a simple but powerful strategy to save and start investing. It means that before you spend any money on bills, expenses, or other fun things, you set aside a portion of your income for yourself. This money is not for spending, but for saving and investing for your future.
By paying yourself first, you prioritize your financial well-being and make sure that you are always saving something, no matter how small. You also create a habit of saving that can help you achieve financial security.
How compounding interest can help you grow your wealth?
Compounding interest is the interest that you earn on your interest. It means that your money grows faster over time, because you are earning interest not only on your principal (original contribution) amount, but also on the interest that you have accumulated.
For example, if you invest $100 at 10% interest per year, after one year you will have $110. But after two years, you will have $121, because you will earn 10% interest on $110, not just on $100. After three years, you will have $133.10, and so on. The longer you keep your money invested, the more it will grow.
Compounding interest is a powerful force that can help you multiply your wealth over time. But to take advantage of it, you need to start investing as soon as possible, and keep investing regularly.
What is a PAC payment plan and how can it help you start investing?
A PAC payment plan is a pre-authorized contribution plan that allows you to automatically invest a fixed amount of money every month, week, or bi-weekly, etc. One of our Wealth Advisors can help you set up a PAC payment plan, where you can decide the amount and where you want to invest it.
A PAC payment plan can help you start investing by making it easy and convenient. You don't have to worry about finding the time or money to invest, because it’s done automatically for you. You also benefit from something called dollar-cost averaging, which means that you buy more shares when the prices are low, and less when they are high, reducing your average cost per share.
A PAC payment plan can help you pay yourself first, because you are investing your money before you spend it on anything else. You can start with a small amount, as small as $25 or $50 per month, and increase it as your income and capacity grows. You will be surprised by how much you can save and invest over time with a PAC payment plan.
How can Innovation Wealth in Partnership with Aviso Wealth help you with your investing journey?
If you’re new to investing, you may feel overwhelmed by the choices and risks involved in investing. You may not know where to start, how to diversify your portfolio, or how to optimize your returns. You may also be intimidated by all of it – we get it!
That's why you need a trusted and experienced partner to guide you through the process. Our team of advisors can help you get started with your investing journey. They can help you create a personalized investment plan, choose the best investment products for your needs, and monitor your progress. They can also answer any questions you have along the way, and provide you with guidance, education, and assistance.
Innovation Wealth is committed to helping you achieve financial success and security. We have the expertise, tools, and the passion to help you grow your wealth and reach your dreams.
If you’re ready to start investing and pay yourself first, contact the Innovation Wealth team today. We would be happy to help you take the first step towards saving for your financial future.
*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
