Saving Money when You are Young Vs Old
Are you interested in how money compounds and how if you start saving now you will love yourself in the future? Did you know if you start saving at a young age, after only 10 years you will have more money saved than someone who started saving at 30-years-old to 65-years-old?
So how does someone who puts money away for 10 years have more money in the end than someone who saved for 30 years? Well, say you start off with $1,000 and you get 10% interest each year.
Starting young:
- Year 1: 1,100
- Year 2 3,310
- Year10 (stopped saving)
- Year 20
- Year 40
- year 45 (age 65)
Starting older:
- Year 1: 1,100
- Year 2 3,310
- …….
- Year 35 (age 65)
Now you can see how much it really helps to save early.
