Investing - Saving is Key
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Investing - Four Steps to Successful Investing
Investing - Saving is Key
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Acclaimed Financial Advisor
Barron’s has seven times (2004–2010) ranked Ric Edelman among America’s 100 top financial advisors. In 2009 and 2010, Ric was ranked the #1 independent financial advisor in the nation by Barron's*. In 2004, Ric was inducted into the Financial Advisor Hall of Fame, ranked the #1 advisor in the nation by Research Magazine for his focus on the individual client and ranked #42 on Registered Rep magazine’s list of “America’s Top 50 Advisors.” Inc. magazine three times named the firm the fastest-growing privately-held financial planning firm in the country. Ric received an honorary doctorate from Rowan University in 1999, and in 2007 was inducted into the Rowan University Public Relations Student Society of America Hall of Fame.
Investing - Saving is Key
Financial Adviser Ric Edelman discusses the importance of a willingness to save in order to invest.
Transcripts
Ric Edelman: Hi! I am Ric Edelman, Barron's number one ranked Independent adviser.
All investment strategies begin with one assumption, you have money to invest. That means you must begin with a willingness to save. Realize that many items you currently pay for, cable TV, a long service, dinners out, they're not necessities. Figure out where you are wasting cash.
For instance if you and your spouse each stop for a cup coffee and a donut in the morning that's 4.
50 and a candy bar in the afternoon $0.
75 and if neither of you knows the other one is doing this, you are both frittering away a combined $10.
50 a day. That's $210 a month on coffee, donuts and candy. So don't make excuses or wait for your next raise, just begin saving and save every month.
Start by joining your retirement plan at work. Once you're contributing the maximum, use your extra cash to pay off credit cards and then build up a year's worth of spending and cash reserves then and only then, are you ready to begin investing for the long term.
In our next video, we'll talk about that second step, investing for the long-term.
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