10 Jul The Power of Compounding Interest
Even if you don’t make a lot of money, you can still retire at 65 with close to $1 million in your bank account…how? Start saving when you’re young and watch your bank account grow because of compounding interest.
The simple graph in this video shows that a 25 year old who saves $5000 per year can retire at 65 with almost $1 million in their bank account. How? It’s all about compounding interest over time.
I encourage anyone in their twenties to put aside 10% – 30% of their salary and watch their account grow over the years. It may mean you live a disciplined lifestyle and cut down on senseless spending, but it will be worth it. If you’re a little older, it’s still important to save, it’s never is too late to invest in your future.