Lame Excuse for Avoiding Retirement Savings #1:
"I don't know anything about investing."There are many resources out there to help you that are geared toward helping you learn how to invest, including SprinkleBit! If you need to know something, just ask someone. The only thing stopping you from learning how to invest is you. Find your inner drive to improve your own financial literacy. You have everything to gain by trying.
Lame Excuse for Avoiding Retirement Savings #2:
"The investing world is too saturated with investing jargon."Remember the feeling when you were first hired at a new job? There was a lot to take in during the first few days and months: new tasks, protocol, daily checklists—jargon. You took that job because you were either passionate about the company and your role in it, or you needed the income to make a living and save up for your future. One way of looking at it is that you were learning a whole new vocabulary and new habits! It's the same thing with investing for beginners. When you task yourself with taking on a new skill, it's best to immerse yourself. Surround yourself with these new words and concepts. Dive in. It takes time to learn, to build fluency, but the reasons to build equity for your retirement savings are worth it. Some ways you can immerse yourself in this new language of investing is to join an investing social network with people like you who all want to talk about investing and to learn how to invest. You can also meet and talk with more advanced investors who want to hone their skills and share their investing best practices.
Lame Excuse for Avoiding Retirement Savings #3:
"I don't have time to learn to invest""Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful. The middle class reads novels, tabloids and entertainment magazines," says Steve Siebold, author of "How Rich People Think," a general survey on his research into the differences in the psyches and emotional frameworks of people who are upper-income earners and lower-income earners. So if you fall into the latter group, and you are not looking forward to scraping by when you should be out fishing or driving your hot little convertible roadster with the wind blowing through your silvery hair, then shut that gossip mag featuring Kim Kardashian, and do yourself the favor of prioritizing your own life first. Get creative with when and where you fit in your financial education with these tips:
- Buy these 5 books on learning to invest, and bring one with you to work. Read one during your lunch break.
- Leave another book by the commode for a little bit of bathroom reading. The average person spends 2 weeks a year in the bathroom! Go for it, Champ, that should be enough time for you to finish a book!
- Bookmark SprinkleBit investing social trading network, and quiz yourself on what you've been learning.
- Listen to audiobooks on financial literacy and investing 101 during your morning commute. The average American spends 23.7 minutes in the car, so instead of focusing on the dude in front of you who doesn't use his turn signal, place your energies towards more positive thoughts—like how you're going to earn more for your retirement than you had originally thought possible.
- Read "How Rich People Think," and rate yourself on your emotional relationship with money. Are your prejudices about money preventing you from really earning more? For example, the author, Steve Siebold in his research on the differences between the upper-income earners and lower-income earners, found the following trend:
"The masses are so focused on clipping coupons and living frugally they miss major opportunities," he writes. "Even in the midst of a cash flow crisis, the rich reject the nickle and dime thinking of the masses. They are the masters of focusing their mental energy where it belongs: on the big money."