Total Years Worked: 30
Average Earnings per Year: $50,000.00
Total Money Earned: $1,500,000.00
Most People will have saved: $30,000.00
Amount Spent: $1,470,000.00
It is unlikely that any of us given $1,500,000 would give away $1,470,000 and only keep $30,000. Amazingly though, when we don’t plan to accumulate wealth from the earliest part of our income generating careers, that is exactly what happens.
Let me tell you a quick story of my friend Bob. A few years ago, when he was 45, Bob said to me that he would like to go to law school, but if he did, he would be 48 when he finished in three years. I asked him how old he would be in three years if he didn’t go to law school.
So even if you are way past 25, start today! When you retire, you will be way ahead of where you will be if you don’t start today.
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