the millionaire next door can be you!
Did you know that if you invested $100 per month in a market rate account, starting at age 25, the result would be $1,176,000 by the time you reach 65. This is assuming you reinvested the monthly earnings, and you did not withdraw anything from the account during the forty-year period.
This is a no brainer, right?
Why aren’t you or your young adult children or grandchildren saving now for the future?
People create excuses as to why they have not saved money for the future. Typically, the culprits are a lack of discipline and prioritizing wants over needs. Let’s also not deny the fact that in the USA, financial education starting as early as 7 years old is not a priority, and that lack of education continues all the way up to high school level and well into middle age for many people.
In the USA, the first time a person is asked about investing for the future is usually by a human resource professional in the private sector workplace asking if the new employee wants to participate in the Company 401K Plan. Due to fear and a lack of education, many young people today do not opt into the company match retirement plans because they believe they can’t afford it. They will prioritize things like entertainment and eating out over saving for their future. Again, this is due to a lack of education and knowledge related to finances. This has contributed to the relatively small amount of millionaires in the USA, millionaire typically refers to individuals or households with a net worth of $1 million or more, including assets such as real estate, investments, and savings, minus liabilities. According to the Associated Press (AP), only 18% of US households are classified as millionaires, this does not translate to 18% of the total population, as households can consist of multiple individuals.
So, let us not lose hope, there is always time to start saving and investing for the future, no matter what your age.
Do you or a loved one need help, through education, or a plan to move towards saving on a monthly basis? Or have you or your loved ones saved and want to know what to do next, what is in your best interest based upon your lifestyle, vision for the future and needs.
I am happy to Chat in a FREE 30-minute Consultation to discuss your plan to build wealth in your lifetime.
I don’t sell financial products and I am not affiliated with a financial institution or a brokerage firm. I am independent and a Financial Wellness Coach where I am helping others change their mindset about MONEY and wealth building while demystifying the uses of MONEY whether it be giving it away, investing or spending, everyone needs someone to discuss the uses of their MONEY.
Only you can make the decision to start saving and stop relying on others to build your wealth.
Steph
Financial Wellness Coach
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