If you can find a savings account that gives a 3% rate of return, after 10 years you will have saved up $13,980. $12,000 is from cash deposits, and $1,980 from interest.

If you invest in the stock market at the average growth rate of the S&P 500, after 10 years you will have saved up $19,620. $12,000 is from cash deposits, and $7,620 from interest.

Make your money work for you!

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If you can start saving and investing just $110 per month when you turn 18 earning the standard market rate of return, you will have saved up over $1 million by the time you turn 65. This amounts to saving just $62,000 - letting compound interest and the markets do the rest.

If you wait until you are 25 to start saving, you'll need to increase your monthly savings by $90 per month to reach the same goal - saving up a total of $96,000.

By waiting, you will need to save an extra full year of wages just to reach the same goal! Start saving now, for huge returns in the future!

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If you can invest just $200 per month starting when you turn 18 and earn the average market return, you will have saved up over a million dollars when you turn 58!

It also keeps growing - you will have over $1,800,000 by the time you turn 65 - letting you spend over a hundred thousand dollars per year while your investments continue to grow in retirement!

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Bonds are very low-risk investments, but also tend to be very low reward (typically not much more inflation). These are a great way to invest if you are unsure about the stock and commodities markets.

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ETFs are a good way to invest in a broad range of investments all at once, such as broadly investing in Biotech stocks. They can also be used to "Go Short" on a broad index, or even use a Leveraged ETF to double the gains (or losses) of whatever it is tracking!

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Mutual funds are professionally-managed investment funds that you can invest in. Once you invest, a professional Fund Manager will use your money across a wide range of vehicles, which can include stocks, bonds, currencies, commodities, and more. Each mutual fund has its own investment goals and guidelines (and different balances between risk and reward).

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If you want to chase impressive returns from individual companies, stocks are the way to go. If you want a more hands-off investment with fewer ups and downs, you might want gold, mutual funds, or ETFs.

Keep in mind that smart investors keep a healthy mix of different investment types as part of their diversification strategy!

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Since 1979, the S&P 500 grew 13 times faster than the price of Gold. However, during the last market crash, Gold almost doubled its price (from its lowest to highest points), while the S&P 500 lost half of its value (from the highest to its lowest point).

If you are worried about a stock crash, gold might be a good place to invest. If you think the stock market is strong, stick to stocks, mutual funds, and ETFs!

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For the next month, write down absolutely everything you spend your money on - from school lunches to cups of coffee to clothes, and everything in between!

At the end of the month, take a look at all your spending, and try to categorize it (Food, Clothing, Transportation, ect). This will let you see what you are spending now. Now you can decide if you are happy with your current spending, or if you want to set different goals for next month!

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By setting aside your savings before even looking at your other expenses, most people find it much simpler to stay under budget!

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