I’m in the middle of working on some new products for you so this week’s posts are going to be brief. I saw this interesting fact and thought I’d share it with you….
While most of us focus on ways to make money, another route to becoming rich is by investing and the money you earn.
I know for the majority of us, it’s been a long time since we turned 15 but look at this study done by MarketWatch.com, saving $2,000 per year for seven years, a 15-year-old is capable of becoming a millionaire at the age of 65. And it gets even better because that same teenager doesn’t have to save another penny after the initial seven-year period.
Assuming you’re older than 15, here’s some additional information to get you into saving mode beginning today, yes, today! This example illustrates what someone with $10,000 to invest would need to put aside to increase their portfolio by seven percent a year. Yes, it’s a lot of catch up to do even when you get into your 30s, but even if it’s just putting money into a savings account and it’s just $100 per month, you’re doing something proactive and that’s what counts the most.
- Age 25 = approximately $300 per month until retirement age
- Age 35 = approximately $775 per month until retirement age
- Age 45 = approximately $1,850 per month until retirement age
- Age 55 = approximately $5,700 per month until retirement age
Talk again soon and remember to live the life you love.