Just the mere sound of that word scares the shizzle out of me!
I must confess – I am an investing virgin.
I’ve been too freaked out (especially after the 2008 stock market crash) to invest my money. It feels much safer to put it in a savings account.
But I know my money is not working very hard for me if I stick everything in a savings account.
And I want to earn more on what I’ve already got. I want my money to wurrrrrk hard for me, rather than me working so hard for it.
So what should us scared investing virgins do?!?
For this week’s episode of HeyAgathaTV I brought in Certified Financial Planner extraordinaire Brittney Castro to tell us:
OK, so let’s recap Brittney’s math from the video!
According to The Rule of 72, you have to divide the interest rate you are getting into 72 to figure out how many years it will take you to double your mula:
So if you have $10,000 in a savings account that yields 2% per year, then it would take you 36 years (72 / 2) to double your money.
Or if you have $10,000 in an investment that yields 8% per year, then it would only take you 9 years (72 / 8) to double your money.
That blows my mind!
I’d rather take on a little bit more risk and invest at least some of my money so it could double much faster.
What about you? Are you ready to hop on the sexy investing bandwagon? Then do these 2 things:
1. Click to tweet this out to your peeps so they can break their investing virginity too: Join the sexy investing challenge and make your money wurrrrrk! #investingvirgin
2. Take our sexy investing challenge from the video and tell us about YOUR investing experience…or lack thereof!
And to get the book Smart Women Finish Rich that Brittney mentioned in the video click here on Amazon.
If you know anyone who is an investing scaredy cat share this with them too. It might make them think twice about stuffing all their money under their mattress 😉
Brittney Castro is a CERTIFIED FINANCIAL PLANNER™ and Founder & CEO of Financially Wise Women. She has been featured in the Wall Street Journal, New York Times, Financial Planning Magazine, Investment News, and Registered Rep Magazine. Visit her at financiallywisewomen.com and Twitter @brittneycastro.