Canadian Personal Finance Blog

Archive for July 17th, 2005

A wise man I know once told me that the best way to become a better Golfer, is to go back in time and start playing when you were 12 years old.

Now, investing surprisingly is similar to golf in this respect. The sooner you start the better you will get and the less work you will need to improve your investments!

Concrete example A Young Man

• Puts $2,000 a way every year in an investment that grows by 6% annually on the average starting at age 22 until he is 55.

Example B An Old Geezer

• Puts away $6,000 a year starting at age 40 until age 55, same growth rate.

Who has the most money at the end of all of this?

Would you believe the young man might have $55,000 more money by the time he is 55?

Keep this in mind! –C8j

I have had a few folks comment on how I seem to be obsessed with money, so let me assure you I only talk about money because it fascinates me, the most important thing in my life is in this picture, along with his 3 sisters and my lovely wife. On a Sunday you should take stock of everything in your life you are thankful for (or Saturday if that is your day of rest). Debt reduction important, Family and Friends #1!

–C8j