I know; this sounds like a pipe dream, right? Well, it’s actually not. While you won’t see your penny turn into one million overnight, with the right investment plan and attitude, you can see your money grow! Here are some tips and suggestions that will help you cash in on that one cent investment.
The best way to turn one cent into one million is through a compound interest investment plan. Whenever I say the words “interest” or “invest,” I see most people’s eyes glaze over and they start to zone out. However, it doesn’t have to be that way! The first thing you need to do in order to make money is to get over your fear or hesitancy of investment plans. Once you can take a big breath and stare that investment plan in the face, you’re on the right track.
After you’ve gotten over your fear of investing, you need to find a good investment plan. There are tons of apps and websites out there, such as Betterment, Wealthfront, Capital One 360, and a variety more! The key is to find one that works with your timeline, with the money you can put into it, and your overall financial goals. Enlist the help of friends and family members who have a knack for this kind of stuff.
Once you’ve found your investment plan (and actually invested!), you need to be patient. Compound interest is not for the faint of heart or short in patience. If you try to withdraw your earnings from your investment after a year or two, your returns are going to be minimal. However, if you let it sit for ten, twenty, thirty, or more years, the returns will be huge and you’ll be able to retire nicely.
After you’ve changed your attitude towards investing, found an investment plan that works for you, and told yourself to just not touch it, the only thing left is to watch the money roll in! The growth will be small at first, but by the time you take it out in a few decades, you’ll love yourself for being so well prepared!