Don’t Procrastinate on Your Investing
Getting on the right investing path means starting early with your investments. Don’t wait until its too late. Start investing today, even if you can’t afford it. The longer you wait the further you fall behind. Because of the compounding effect of money your early investments will reap rewards you wouldn’t dream of over the years.
As the following table shows, investing early matters. Assume a 9% return on $100 invested every month. If you start at 20 and invest until you are 70, you will have over a million dollars saved! If you wait till you’re 40 and invest til 70, you will have only saved $183,000! The difference between starting early and starting late means that you’d have 6 times more money for retirement if you started early.
Spend a few minutes studying this table. Pay close attention to the differences in investment values between the years, and then between the rates of return. This is the result of investing $100 per month. Now, imagine investing $200 per month. What about $1,000 a month for 25 years. At a 9% return, that would be over a million dollars. Start doing that at 25 and you can retire in your mid 50s!
The takeaway here is that you shouldn’t make up excuses or reasons to put off your investing. And if you’re financially strapped, you still need to find a way to save. Find ways to change your lifestyles and get your investments compounding today! Like having kids, it will never feel like the right time until its too late and you feel too old. Start early and don’t procrastinate.
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