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Wednesday, May 24, 2006

The cost of waiting one year to invest

Personal Finance

The picture shown above illistrates the impact of waiting to invest into yourretirement find, this chart was developed using this financial calculator. It is easy to see how investing, even a small amount early on can help you in the long run. Your yearly required investment to reach your retirement goal are less of a pain in your pocketbook if you start early.

Another example is if you invested $1,000 per year for eight years and never invested another dime, you would have more in your savings at retirement in 40 years (based on 8% return) than the person who invests $1,000 per year starting at your 8th year until they retire. Pretty amazing the power of compounding interest.

Thanks Get Rich Slowly
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