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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A story of a junior enlisted member of the United States Air Force becomes a millionaire over the long run trough investing. Read the story…
My first real job was as a junior enlisted member of the United States Air Force. I had great benefits, but as a low ranking enlisted member my take home pay wasn’t worth bragging about. I was earning a comfortable living for a 19-year-old,, but I didn’t think I had enough money to invest. It turns out, I was wrong.
A talk with one of my mentors, a senior enlisted member in my squadron, made me rethink the way I viewed investing. During one of our conversations, I brought up the topic of investing and mentioned I would like to start in a couple of years when I had more money. He listened to me give several excuses why I couldn’t invest, and then he said something
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