Millennials may be great at saving money, but they have to. This age group hasn’t seen a collective boost in average income in decades. They also are drowning in debt, with the average debt-to-income ratio sitting at a whopping 216%, according to StatsCan. And while salaries haven’t gone up, everything else has: inflation, mortgages, university costs — you name it. So, it’s no wonder that millennials find it incredibly hard to start investing.
But it’s not impossible. Here are some tips to get started.
1. Build your credit
While this may not sound investing related, building your credit score is incredibly important. If you want to own a house one day, you’re going to need something to prove that you can make those payments. Opening up a credit card as soon as possible and paying it down to $0 regularly will lead to lower interest rates. That, in turn, will save you significant sums of money — money that can be used for investing. Read more…..
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