The Best Time to Begin Saving

The Best Time to Begin Saving

When should you begin saving? As early as you can. If you start at 25, and put away $25 a month, you could reach $300,000 by age 65. If you wait until 45, that $300,000 at 65 may cost $300 a month.

Remember the rule of 72. This tells you how long it will take to double your money at a given rate of interest. You simply divide 72 by the interest your money is earning. At 6%, your savings will double in 12 years. At 9%, they will double in eight years.

Remember that the financial reward may not be of the greatest importance to all. Other rewards can play an even greater role.

Thomas Edison was one such person in which another reward was greater. He said, “One might think that the money value of an invention constitutes its reward to the man who loves his work. But speaking for myself, I can honestly say this is not so . . . . I continue to find my greatest pleasure, and so my reward, in the work that precedes what the world calls success.” (1847-1931)

John Ruskin weighed in with this word, “The highest reward for a person’s toil is not what they get for it, but what they become by it.” (1819-1900)

Your thoughts on this subject? Your comments appreciated!


Content © Rich Brott, 2011

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