How many times have you heard, “Save early” and “Save Often? How about “Time in the market beats timing the market”? There’s a reason they are said ad nauseam and the evidence behind them is powerful. Here are some examples demonstrating the true magic of saving early and leveraging compounded interest to drastically change your life.
Every college applicant will ask themselves, “What Should I Major In?” Here is a practical method that some have used to go from minimum wage to over SIX figures in just 3 years. A degree with significant return on investment is one way to fast track Financial Independence.
Forget the online Financial Independence calculators used to predict early retirement and investment returns. I’m sorry, but you need to create a customized plan to FI or hire a professional to do so. Don’t be discouraged and give up based on results of these tools and think, “I’ll never retire, if I need a bajillion dollars to do so.” Let’s see how a typical american family can retire earlier than anticipated.
How do you think your children would manage money if given the opportunity to earn income, pay expenses, and reap the rewards of a 20% compounding interest rate? My wife and I conducted a 20 week experiment and reviewed our kids decisions using the RoosterMoney app. Are you curious how my kids did and what can be learned from the exercise? I certainly was.
Relating the concept of financial independence (FI) to an activity a child understands is important. This is a letter to my son explaining how his video games are about money management and he doesn’t even know it.