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An effective way for newcomers to enter the investing world is through a Target Date Fund. This type of fund is structured around a specific retirement year, such as the Vanguard 2065 Fund. It provides a set-it-and-forget-it strategy by automatically reallocating your investments based on risk as you approach your retirement date.
Invest in Yourself: Develop Financial Discipline
Developing a habit of consistent, automatic investing cannot be overstated. Some useful guidelines suggest putting away 5-10% of your take-home income each month. The crux of wealth-building lies in setting these transfers automatically, managing them like an essential part of your monthly expenses.