Get Rich by Start Saving in your 20s
Many of you may never heard the miracles of the compound interest. The Compound interest so powerful over the time that, it multiplies your wealth in a breath taking manner over the time. Now, if you are in your twenties and want to get rich in your life than the only thing you have to do is – Start investing early.
Here is the real time example.
Consider this scenario: If you begin saving for retirement at 25, putting away $2,000 a year for just 40 years, you'll have around $560,000, assuming earnings grow at 8% annually. Now, let's say you wait until you're 35 to start saving. You put away the same $2,000 a year, but for three decades instead, and earnings grow at 8% a year. When you're 65 you'll wind up with around $245,000 -- less than half the money.
You can see in the above example that only 10 years of difference in investing makes a huge difference in wealth later on. This is because of the compound interest. If you never start investing, you will never become rich and financially free.
And if you someday really want to get rich in your life than you should start investing as early as possible in your life probably in your twenties. Warren Buffet is the second richest person in the world and he started investing in the stock market when he was just 13. Today he is 80 and he has accumulated tremendous wealth only by investing his money.
Many people have a false belief that, to become rich, they need to build a fortune or do some large scale ventures in their life. But this is a Myth.
To Become rich in your life, you need to do one simple thing in your life and that is – Start Savings & Investing Early.
Yes, This is the 95% advise that anyone needs for his/her financial success and rest of the advises amount for only 5% for getting rich. So if you are in your twenties than it’s the best time to start investing.