Myths that Keep You Broke #28
Myth #28 - You Have Plenty of Time II:
Most young people think they have plenty of time before they have to think about setting aside money for retirement.
I don’t like to talk about retirement and in another email, I will talk about the difference between retirement and Complete Financial Choice™. For now, just understand there is a difference.
While a young person might think they have plenty of time, if they want to take advantage of the power of compound earnings, more time produces greater returns.
Someone who starts at age 25 only needs to invest $300 per month at 12% to create a $1.2 million portfolio by age 65. Someone who starts at age 45 has to invest about $2000 per month to produce a similar result.
You may have plenty of time, but would you rather invest $300 per month or $2000 per month?
I started over from broke at age 50, so I had to take risks and massive action. If you are young, or want to counsel someone who is young, then let them know just because they think they have plenty of time, they shouldn’t waste it. Instead, they should have it work to their advantage.
Who do you know with whom you should discuss this?
To Your Prosperity,