Life planners remind clients that they are free to increase their money supply, decrease their demand, find a way to enjoy making money--or all three.
...
I tell my college students that all they need to be wealthy is to save $1 a day from age 20 to age 70--a daily sacrifice of a cup of coffee or a candy bar. If they invest this $365 a year in the broader market, they will have invested $18,250 over 50 years. I ask them what this investment will be worth when they retire and they usually guess rather small amounts. The reality is they lost a $2 million plus nest egg by frittering away $1 a day. That's a good lesson for college students and for clients alike.
No comments:
Post a Comment