I have posted many times on the merits of long term savings and how time is your greatest asset. Here is another perspective of Time and Investing.....
•Save $3000 a year from age 30 to 70 = $800,000
•Save $3000 a year from age 20 to 30 = $1,000,000
•Figuring an 8% return in a well allocated portfolio
The person who starts at age 20 and saves for only 10 years and never adds another dollar will have more money than the person who starts saving at age 30 and continues to save for 40 years. Time is your biggest asset because of the compounding effects over time.
In a previous post I talked about T Rowe Price having an IRA account you can start for only $50 dollars a month on an automatic account builder. Something is always better than nothing in savings. Make a commitment today to use this time wisely.
Trust me if all the baby boomers could click their heels and do something different in their lives this would be in the top choices.
Stay tuned..........
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