Originally posted by Tyrex750
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One million is easily achievable if you start in your 20’s. The longer you wait the more difficult it becomes.
Hypothetical scenario:
When Jack turned 21, he decided to start investing $200 a month every year for nine years. At age 30, he decided to stop investing altogether. But his friend Blake started when Jack stopped, investing $200 a month every month starting at age 30, all the way until the ripe old age of 68.
So at age 68, who do you think had more money in their account? Let’s do the math.
At the end of nine years, Jack invested $21,600, didn’t invest another dime, and ended up with close to $2.35 million at age 68. Let’s say that again—$2.35 million! That’s the power of compound growth, friends.
And Jack’s friend Blake invested a whopping $91,200 over the course of 38 years. At age 68, he had built up $1.3 million, but he never caught up with Jack.
So how did Jack do it? He didn’t invest nearly as much as Blake did but ended up with over $1 million more. Compound growth can turn more than $20,000 invested in nine short years into almost $2.35 million over 38 years.
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