What Keeps You From Investing?
It’s becoming more and more common for Americans to ignore investing for retirement. In fact, Time estimates 1 in 3 Americans have saved $0 for retirement, saying that saving money is not a financial strength in America. People often cite common financial obstacles including low wages, debt, and saving for a child’s college fund as reasons for not saving for the future.
NerdWallet uncovered that, in addition to financial obstacles, fear plays a major factor for the Millennial generation, which now makes up a large portion of the workforce. So what keeps you from investing? We wanted to try our hand at tackling some of the common barriers folks in Wisconsin might have when investing.
Don’t know where to start
In a past blog, we covered how to start your savings from scratch. It’s a good primer on differences between a 401(k) and various types of IRAs. Once you know what you’re looking for, getting started is much easier.
I have little to invest or have too much debt
With so many financial burdens, it might seem like setting more money aside is out of the question. Being strapped with student loans or high-interest credit card debt can make it easy to ignore investing.
It all starts with a budget. Developing a budget will let you know exactly how much you can set aside. You might just be surprised on how much you could contribute. Plus, investing even a modest amount now can pay off in the long run. Take advantage of compounding interest as soon as you can – even if it starts small.
I don’t trust financial advisors
We understand, it’s not an easy thing trusting somebody else with your hard-earned money, no matter how much you are investing. At Great Midwest Bank, Dan Murphy is the financial advisor to our clients. With over 17 years of knowledge, and the backing of LPL Financial, Dan has gained a reputation for building and maintaining partnerships with his clients.
Investing involves risk including loss of principal.
Securities and Advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Great Midwest Bank and Great Midwest Financial Center are not a registered broker/dealer and are not affiliated with LPL Financial.
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The LPL Financial Representative associated with this website may discuss and/or transact securities business only with residents of the following states: AZ, CA, FL, IL, KS, MI, MN, NC, NM, SC, VA, and WI.