The title to the popular Rolling Stones song “Time Is On My Side” can be applied to saving money.
The best ally you have is the length of time that you are investing and your investments are growing. Once you reach the tipping point the growth becomes even faster.
For example:
A 30 year old makes $75,000 a year and puts away 10% of her income a year.
She receives a 3% raise each year but keeps putting away 10% and gets 6% a year in returns.
It will take her 31 years to get to 1 million, but only 10 more after that to get to 2 million.
Action Step for You: Start investing now and teach your children and employees the importance of time in investing! How many years of investing do you have left? LOL!
Share the Knowledge!
Leave a Reply