|Smackdown by Eric Joyner|
I've heard many people say that they want to start saving for retirement but investing is too confusing. When they hear the words, "personal finance" something in their brains just shuts off so they don't bother. There's a tried and true method to resolve this and it works for more than just finance. Writers get writer's block, painters get .... some sort of painter's block equivalent, and even athletes get into slumps or "cold streaks". And you know what they do, they just keep playing. They know that eventually it will come back and they will hit their stride again.
It's really a simple solution to all of these problems. If you have writer's block, the best thing to do is to just start writing, perhaps it's just a journal of your day or how you're feeling. Just do what you need to do and eventually you'll get back into that groove. Painters that get a creative block can do the exact same thing, just start painting something, anything, it doesn't really matter, just keep at it and eventually you'll get through it.
It's the same with saving for retirement, it might seem confusing but it doesn't have to be. If you have a company 401(k) then just start contributing to it. If you don't know what funds to pick don't sweat it, just start contributing.
The two most important aspects of investing are time and contributions. What exactly you are invested in comes in a distant third place. You could literally pick the worst investments possible and it would still be better than not saving at all.
But what if you don't have a 401(k)? Well, the first thing is to still start saving. Keep it in your checking account if you really don't have a dedicated savings/retirement account setup yet. Figure out a separate account later, but start saving now.
Everyone knows the first step. Save money, cut back on unnecessary spending. They are simple to do, where to invest it will become easier once you have the money saved. If you have $10,000 saved somewhere, you will suddenly be more interested in finding a place to invest it. But if you have $0 saved and are looking for a place to invest you will probably not care.
Don't worry about where to put your money if you haven't started saving yet. That's like putting the cart in front of the horse, so just start, time will always be the most important aspect.
Do you have saver's block? Have you ever had saver's block? How did you get past it?
This post was featured on Rockstar Finance - Shout out to J$, thanks for the support! For more great articles check out his site!