Two best mates who developed a finance network to help young Australians start investing have revealed the top things they’ve learned over the past 10 years.
Alec Renehan, 28, and Bryce Leske, 30, have spoken to more than 150 successful investors on their podcast and agree the single most valuable lesson has been the importance of getting into the market at a young age.
‘We close out every interview with the same question, “what advice would you give your younger self?” and the most common answer to this question is, “start investing earlier”,’ the Sydney mates told Daily Mail Australia.
‘No matter how good you are or how smart you are, nothing beats time in the market.
‘Compound interest is often called the “eighth wonder of the world” and the best way to see your money compound higher and higher is to start young and give it time to grow.’
Alec Renehan, 28, and Bryce Leske, 30, (both pictured) have spoken to more than 150 guests from the investing world on their podcast, and while they have learnt ‘so much’ they agreed the single most valuable lesson has been the importance of investing from a young age
The duo describe themselves as long-term investors who focus on ‘time spent in the market’ rather than ‘timing the market’ – a strategy that’s prone to less risk compared to short-term investing or day trading.
Both Alec and Bryce believe investing should be much more than looking at stock charts, buying and selling shares, and trying to make money in the short-term.
Instead they said investing should make people understand how different industries function and how the world responds to different global situations.
In addition to Equity Mates Media, Alec and Bryce are also set to release a book titled ‘Get Started Investing’ which will be available from Booktopia from August 31 (right)
‘Investing has helped us understand the world around us, and so much of the change we’re seeing in the world is being driven by companies like Amazon, Apple, Netflix and Facebook,’ Alec and Bryce said.
‘The important thing to know as a beginner investor is that if you had invested at the absolute worst times in history, you would still be up today.
‘Even if you start with a small amount, a few dollars here and a few dollars there, you have the opportunity to put your money to work for you.’
While anyone can start investing at any age, it’s easiest when you are young as you have less commitments and more time up your sleeve.
To calculate the power of compounding, the pair recommended visiting the Australian Government’s Money Smart compound interest calculator.
For instance, if you were to retire at 70 with $1 million, you could start at 20 and invest $125 every month and earn the market’s…
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