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No savings at 40? It’s never too late to invest so you can retire rich

first_img Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Our 6 ‘Best Buys Now’ Shares Image source: Getty Images. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. “This Stock Could Be Like Buying Amazon in 1997” Kirsteen Mackay | Wednesday, 12th February, 2020 No savings at 40? It’s never too late to invest so you can retire rich Enter Your Email Addresscenter_img Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Turning 40 is a milestone that people either dread or embrace. Like many of the big birthdays, feelings around the number can make it a much bigger deal than it should be.The end of an era, or the beginning of a new chapter, whichever way you look at it, life goes on. So if you’ve recently turned 40 or are going to do so soon, then money may well be on your mind.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Traditionally, most people had a family, mortgage, career and more by the age of 40. Times change and this is no longer the case for many. One thing they also had was savings or a generous company pension plan. But if you’ve reached 40 with no retirement savings to speak of, you’re not alone. And with a little discipline, patience and forward planning you can still achieve a prosperous future.Think of it this way, if you’re aiming to retire at 67, then you still have 27 years of working life ahead of you. That’s plenty of time for investments to accrue a decent return.Even with a relatively modest 5% average annual return, you could double your money in 10 years thanks to the power of compounding.Compound interest can generate considerable wealth over the long term but the amount depends on how much you can afford to invest, the interest rate you enjoy and the time you can leave it.It’s not for the privileged fewInvesting is not an exclusive club for the wealthy. Yes, hedge funds are for the moneyed elite, but for ordinary citizens, there are plenty of investment options available too. Index funds, bonds, Stocks and Shares ISAs and exchange-traded-funds (ETFs) are all affordable and easy ways to put your money to work for you. You can contribute to a Stocks and Shares ISA with as little as £25 a month and enjoy all your gains from it tax-free.The FTSE 100 index fluctuates in value, but on average over the past 10 years, it has returned over 7%. The FTSE 250 has returned over 11% and some ETF’s have done even better. I like the stock market for wealth generation and I’m sure you will too. Your appetite for risk is also a factor to consider because investing correlates risk and reward. The more risk you take, the greater the reward you may realise. Time to take controlThat said, I prefer Warren Buffett’s approach to investing, which is to buy and hold for the long term and not take unnecessary risk. As powerful as compounding can be, it’s important not to be greedy. I don’t think the potential losses are worth the risk. But with your 27-year timeframe, there’s plenty of time to turn your modest savings into a sizeable pension pot.For instance, if you start with £1k and save £750 a month, increasing your savings by inflation every year, you could have a pot worth £848k after 27 years if the return rate is that fairly modest 7%.Many people in their 40s appear to be happier than they’ve ever been. It can be a liberating age with much to look forward to. With a simple investment plan in place, your future finances can be much happier too.You can then celebrate that you’ve had the foresight to do something positive on the road to granting yourself a shot at a richer future. Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. See all posts by Kirsteen Mackaylast_img read more