Self-made millionaire: A simple chart changed the way I think about money investinyou (In partnership with acorns.)
: "We had someone come and talk to our training class, and as he walked out the door, he handed us this chart."You start investing at 19 and contribute $2,000 to your account every year until you reach 27. From 27 to 65, you contribute $0.
From 19 to 26, you don't invest anything. You start investing at 27 and contribute $2,000 to your account every year until you turn 65. In the first scenario, you're only saving and investing for eight years; in the second, you're saving and investing for 39 years. Still, the person who starts at age 19 would end up with more money in their portfolio in the long run.
Assuming a 10% rate of return, the first person would have $1.02 million by 65, while the second person would have $805,185, a difference of more than $200,000. As the chart shows, the sooner you can start putting your money to work, the more you'll benefit fromIn terms of where to set aside your dollars, "You have to have this money invested for growth," Bach says. "You cannot put this money in a money market account or a CD, where it grows at 1% or 2%. You'll never build wealth.
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