A 36-year-old who learned to invest like Warren Buffett explains how saving can cost you money. via CNBCMakeIt
If you're just saving and not investing, you're setting yourself up to lose money in the long run. That's a lesson Danielle Town, author of "
Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money When Town, then 34, found herself burnt out as a corporate attorney, she started brainstorming ways to retire faster. "I started to think, 'What else can I do to support myself without being dependent on my salary?'" she tells"What I was doing was saving money, which I thought was genius," she says.
Dedicating a solid chunk of money to savings for the future should be a key part of anyone's financial plan, but that money shouldn't sit around gathering dust. Town's father breaks it down in the book: The people who encourage saving mean that you should save instead of spending money. But because of inflation and the fact that what people buy will be more expensive 'tomorrow,' people spend all of their money and whatever they can borrow 'today,' so we need to be encouraged to save instead of spend. Nobody is saying, once you've saved some money, to keep it sitting in a savings account.. "The antidote to losing money on inflation is investing," says Town, now 36.
Town chose to make investing a daily habit and researched specific companies to put her money in, but there are plenty of alternatives. Here are a few simple, low-stress ways to start investing:and take full advantage of any company match, which essentially gives you free money.
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