Cost Of Waiting
What is the cost of waiting? This is one of the reasons why we do, what we do!
○ This concept really helps people understand why they need to start saving NOW.
○ The numbers you see on the Y-axis : 40, 35, 30, 25…. , these are the number of years until retirement.
○ So, if somebody is 25 years old and they want to retire at 65, they have 40 years to retire.
○ If this individual wants to reach $1 Million at retirement, assuming 8% return and a tax deferred product, he/she needs to save less than $10/day or less than $300 per month to reach the goal.
○ What if this individual thinks that he/she is too young and does not have to think about retirement. Then they may have to buy a car, get married, buy a house, have kids and they keep delaying and never start saving.
○ Now this person is 45 years old and he/she only has 20 years left to retire. To reach the same goal with same assumptions, this individual now has to save almost $1700 every month.
■ A lot of people can manage $287/month but how many people do you think can manage $1700/month?
■ This is the COST OF WAITING. No matter the age, the time to start saving is TODAY.
■ People do not fail to build retirement wealth because they do not make money. It is because they keep delaying.
■ Procrastination is the main cause of failure.
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