The Greatest Gift
The greatest personal finance gift you can give your adult kids or grandkids right when they enter the working world is this one small example of why they should start saving money immediately:
Investor 1: saves $2,500/year from age 31 to age 65.
Investor 2: saves $2,500/year from age 21 to 31. And never saves anything else again after that 10 year period.
Both investors earn a 7%/year annual return.
At age 65, who has more $ saved?
Investor 1: $372,422 (saved for 34 years)
Investor 2: $421,604 (only saved for 10 years)
I know that many clients meet up with young adult friends and family members that have financial questions, but the client is hesitant to send them to my team and I for answers. They think that the person must be a client for us to help them……and that is not the case at all. We are happy to be a resource and sounding board for any friends and family of our clients.
