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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.
How Early Money Beliefs Shape Our Financial Future
This past weekend, my husband and I decided to visit the local breakfast cafe where they placed us next to an adorable little family, a mommy, a daddy and a sweet baby girl. As I was eating, I looked to my left thinking she is so calm just minding her P’s and Q’s as her parents enjoyed their pancakes. Their table was very close to ours so I loved looking over to her, smiling back and forth and could see that she was a very content little girl when suddenly, her face lit up, and left arm reached out as her daddy pulled dollar bills from his wallet. She wanted to see what was in her Daddy’s wallet. We all started to laugh and I said “That is hysterical, she lit up when you pulled money out of your wallet.” He replied, “She loves shoes too.” Her Mom said, “I don’t know where she gets it, I think he is in trouble, he has no idea what’s to come.”