15. Start saving and investing now: do not wait until you think you can afford itDec 16, 2019
Start now, no matter how old you are. Playing catch-up with your finances is neither easy nor fun. You would rather start in your teens, believe me. It’s easy to create the habit of savings from the get-go. It gets a little tougher as time goes by, especially once you begin a family.
The perfect time for anything is NOW. Seriously. Saving up for a wedding or a baby is just a delay tactic. There’s no better time than now. Stop procrastinating. Just do it or don’t.
Dave Ramsey has this cool chart that he showed at one of his seminars that was absolutely incredible. The chart showed the advantage of saving early vs starting late. In the scenario, one brother began saving just $2,000 per year at the age of 18 and he completely stopped adding to his savings at age 25, never adding another penny. This means he only saved $2,000 per year for a total of eight years. Meanwhile, his brother didn’t begin to save until he was 26 years old, but he never stopped adding to his savings. For 39 years he added $2,000 to his savings each and every year. By the time both men turn 65, the first has $2,288,996 in savings. The second, who contributed for 39 long years, had only $1,532,166 dollars. Crazy, right? Starting early makes a difference.
Below, we created our own version of Dave's chart. It also proves playing “catch-up” is not fun, but doable with more money.
Next - Step #16
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