To get rich, start saving in your 20s
Article By Bankrate.com
Even if money is tight, this is the time to start stashing away money. Start small, start now.
It’s easy to understand why retirement doesn’t loom large on the horizon for 20-somethings. Young workers are more concerned with kick-starting careers, not ending them in the long-distant future.
But it’s worth noting that the very fact that you’re young gives you a huge edge if you want to be rich in retirement. That’s because when you’re in your 20s, you can invest relatively little for a short period and wind up with far more money than someone older who saves much more over a longer period.
Consider this scenario: If you begin saving for retirement at 25, putting away $2,000 a year for just 40 years, you’ll have around $560,000, assuming earnings grow at 8% annually. Now, let’s say you wait until you’re
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