Experts are offering advice to young people who want to make smart financial investments while taking better care of the planet.
The good news — building wealth responsibly goes hand in hand with creating a cleaner future.
Financial advisers stress that the most important tool for achieving your financial goals is time.
Investing guru Warren Buffett frequently touts compound interest as the key to his success, describing it as "the eighth wonder of the world." When the interest you've earned is reinvested, your savings can generate even more earnings, and your wealth will grow exponentially.
Time maximizes that growth. Buffett likens it to a snowball rolling downhill, picking up speed, and growing in size. The sooner you start, the bigger the hill.
That big hill can be critical since many in their 30s are facing pressure as the "sandwich generation," caught between their own financial goals and the challenge of supporting aging parents and their children.
Financial advisers say that people who begin planning in their 30s, or sooner, will have added financial security and peace of mind later in life.
"Starting now means your money has more time to grow, compound, and weather market fluctuations. It's not just about avoiding regret later — it's about setting yourself up for financial freedom and stability while ensuring your investments align with your values," explained the experts at GreenPortfolio.
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According to financial experts, it's possible to integrate your values with your investment decisions. This is also known as socially responsible investing.
Your wallet is a powerful way to advocate for positive change. You can make an impact by how and where you spend money. The same principle applies to investments.
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Under $1K 😎 Rather than buying shares in dirty energy industries, invest in companies committed to building a cleaner future. Consider starting a green 401(k). Break up with the big banks supporting fossil fuels, and store your money responsibly with a green bank.
Climate-smart investing doesn't mean sacrificing wealth either. There is strong long-term momentum in the clean economy despite some ups and downs. The world is transitioning toward a cleaner economy, offering opportunities for investors. According to experts, sustainable funds have delivered better returns in the past five years than traditional funds, meaning those investments pay off for you and the planet.
Another pro tip is knowing when to seek out advice from a professional. Remember that you're not alone. Financial advisers say clients often put off asking for help, leaving their money in low-interest savings accounts and missing out on that snowball effect.
Climate-conscious advisers not only understand traditional wealth-building strategies but how to navigate the complexities of sustainable investing and the many ways in which the warming planet impacts financial decisions. That means considering climate-vulnerable sectors and avoiding disingenuous corporate greenwashing.
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