Start Early - 10 Rules for Building Wealth
January 29th, 2007 by digerati
More than any one stock or mutual fund pick, the age you start investing will determine how much wealth you build. To illustrate: Employee A starts putting away $100 a month when she’s 22. Her money grows at 8 percent a year, and after ten years she stops contributing - and lets her stake grow. Employee B waits until he’s 32 to set aside $100 a month, also growing at 8 percent a year, and he keeps it up until he hits 64. When they both retire at 64, she will have $234,600, and he’ll have only $177,400. Need we say more?
Originally from Fortune via CNNMoney.
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Finance Guide 101 Says
As always, your posts are interesting and let everyone think about them. In this post you have pointed nicely that one has to start saving/investing at young age, if one start to invest as early as he/she starts earning will give him/her a better future. At the same time its not going to be much hard for a young person to save $100 per month, Thank you for sharing this good, simple and detailed post.
Jan 30th, 2007 at 8:06 am