Personal Finance and Retirement Will Be Different for Millennials
Who wants to be a millionaire? This wasn’t just a game show, this a valid question that everyone should ask him or herself at one point. Personal finance isn’t just about working hard week after week, just so you can earn enough money to get by. Personal finance is about making wise financial decisions that will benefit you and your family in the long run. Planning for your future and retirement is one of the best ways to prepare yourself for financial prosperity.
Unfortunately, gone are the days of working for a company 40 years, just so they can pay you back with a full retirement, health and medical coverage. Most millennials can expect Social Security to be depleted by the time they’ll be old enough to need it, and companies aren’t offering the desirable retirement plans like they used to. That means it’s up to you to plan for your financial future and invest in yourself. Becoming a millionaire isn’t just for the lucky few, it’s something that is available to most of us if we make good decisions. Here are a few things you can do to start preparing yourself for a strong financial future.
The best thing you can do for yourself is start to invest early. It’s not necessary for you to make a ton of money to have a big financial impact. If you’re young, time and patience will be your best friends because of compound interest. Compound interest makes money work in your advantage when you allow it to sit longer over time. According to Forbes.com, at age 25, if you start saving 10% of your salary based upon a $50,000 income, you’ll have $916,618 by the time you retire at the age of 65. Even if you start a little later at age 35, you can still retire with a nice sum of $483,152 by age 65, but it’s obvious that the first case is the more desirable one.
Make sure you’re investing money and not just saving it. If you simply save money in a checking account, the interest you’ll receive on it will be very low. However, when you invest in an IRA, 401k or another plan that produces a higher return in interest, you’ll get more out of every dollar.
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