Invest today. I’m serious.
Do you need any proof that today is the day you should invest? I have an article for you that might just inspire you to invest today.
The Motley Fool wrote an article about how the first million is the toughest. Because of the miracle of compound interest, the time it takes to get your first million can be over 5 times as long as going from $1 million to $2 million. Why? Well, compound interest works by gaining interest off your previous returns. This means that, if your money takes 7 years to double, going from a monthly investment of $500 will take a little under 30 years, while going from $1 million to $2 million will take less than 7. The earlier you start, the earlier your money will hit that magic $1 million mark.
Honestly, if this knowledge doesn’t get you motivated, nothing will. The day you start investing is the day that your chances of being wealthy skyrocket. You need to have money in the bank in order to make money. Warren Buffett likes to invest in solid companies that will produce good long-term results. Warren Buffett is the world’s third richest man, so I think he knows what he is talking about.
As you accumulate more and more money, your returns become almost exponential. The money you invest becomes an interest generator.
Invest today, whether in stocks, bonds, mutual funds or P2P loans on Lending Club. Your future self will thank you.
Friday, October 26th, 2007 at 9:18 am