What is the Biggest Obstacle to Accumulating Wealth?
Have you ever said; “We can’t afford to put any money away right now. As soon as we _____, then we will start saving”
The problem is that we always seem to have somewhere else to put our money.
There is never an ideal time to start saving, and you can always find a reason to put it off! Procrastination is the primary cause of financial failure and it will do more harm than receiving the worst investment advice or picking the worst investment vehicle. If you want to accumulate wealth and be financially independent, you need to start right now to PAY YOURSELF FIRST.
The Actual Costs Of Procrastination
Consider, if at age 20 you decide that you want to have $1,000,000 by age 65, you need only save $113.44 per week in the savings vehicle @ 5%, but at age 50 you would need to save $860 per week.
In case you are saying to yourself, I can do better by investing in mutual funds. Even with a 10% return, at age 50 you would need to save $576 per week to have $1,000,000 at age 65.
But, you may be thinking I’m plenty young, I’ll wait a few years. I’ll be making more money, and it’ll be easier for me to start. After all, what difference can a few years make?
It makes a big difference!
Accumulating Wealth won’t just happen. You must determine your goals and then develop a plan to get there.