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The cost of waiting Whether your long-term financial concerns are for the children's college or your own retirement, the most important thing you can do is to "get started now". Whatever your reasons, waiting until the time is right to invest will ensure just one thing: achieving your financial goal will only be more difficult. Time is your most important ally if you start now, but it becomes your enemy if you choose to wait!
Financial Goal #1: Retirement
Can you really afford to wait? As you can see, waiting just one year to start your retirement program could cost you more than $40,000 by the time you retire. And this only assumes that you invest $1 per day. What if you could afford to save $5 per day ($150/month)? The good news is that investing $150 per month over 40 years at 12% could allow you to retire with $1,782,363. Waiting just one year would leave you with $202,312 less to retire on. Want to see another example of waiting? Check out how you can invest for just six years instead of 33 years, and yet achieve the same result. Financial Goal #2: College Fund for Son/Daughter
Can you really afford to wait? With the exception of your own retirement, there is no investment more important than the education of your children. Starting early with just $1 per day, you could accrue $18,000 or more toward your child's college education. With the high cost of college today, it's essential that you invest as much as you can, but the most important thing you can do is start immediately! Waiting could rob your child of a much needed college education. |