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Make More Money the Easy Way

Written by: Shirley Mueller

Article Overview: Laboring for every dollar you earn is one thing. Getting it by investing wisely is another. There’s almost certainly less labor involved. Many people think smart investing is the most reliable way to get rich.

Make More Money the Easy Way

Laboring for every dollar you earn is one thing. Getting it by investing wisely is another. There’s almost certainly less labor involved. Many people think smart investing is the most reliable way to get rich.

One excellent way to do this is to start saving early! If you are able to put aside $20,000 by the time you’re 35 years of age, you’ll have $142,000 by the time you are 65 (at a 7% return). But if you wait to invest $20,000 when you are 45, you’ll only have $81,000 when you are 65 (also at a 7% return). Delaying ten years costs you almost half of what you would otherwise have at retirement. The results are even worse, even heartbreaking, if you delay until 55 (see chart below).


Invest $20,000 at Different Ages
(Based on 7% return per year)

Age at Initial Investment Return at age 65
35 $142,000.00
45 $ 81,000.00
55 $ 40,000.00

When the amount of money invested (at any age) is more,
the return is proportionately greater.

Most financial advisers suggest maxing out any tax advantaged retirement plan preferentially before saving in taxed accounts. This means even greater return on your money because it is not taxed during the accumulation phase, but when it is taken out.

Essentially, the more you have to invest plus the longer you have to do it, the more reward you will glean. It’s delaying gratification now for a greater reward later.

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Article Tags: 35 years, accumulation phase, amount of money, delaying gratification, financial advisers, initial investment, investment return, retirement plan



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