Picture this, circa 2005 I’m 22-years old fresh out of college with the world ahead of me! I haven’t landed my dream job yet, but I’m working full-time as an assistant manager in a retail store and making okay money. I know this isn’t where I plan to end up, but it will do for now. STOP! Right then and there I wish I hadn’t just looked at that as a job to make money and get by. I was making enough to be saving, but I had a “spend what you make” mentality.
Start saving as early as you can! The impact of compounding interest/returns is something you can’t get back later in life. Consider this, if you put $150/month away for 40 years, assuming a 7% return, you would have $199,846! Now let’s say you start 10 years later doing the same amount but only for 30 years, now you’re only looking at $65,573! Sure, there are a multitude of factors that go into the actual rate of return, but you get the point: SAVE EARLY!
Stay tuned for Tip #2.