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It’s “time” to invest! Did you know that time in the market is a big determinate to how much money your investments can grow to? It’s called the wealth multiplier, and the younger you are, the bigger your multiplier is.
For example, the average age of a recent college graduate is 22, their multiplier is 66.48*. That means that for every dollar they invest at age 22 will turn into $66.48 by age 65. What does that mean? You could contribute $125 per month beginning at age 22 and you would have 1 million by age 65 or $249 per month would give you 2 million by age 65. “But wait, what if I’m 30?” you ask. Well, your wealth multiplier is 23.06, which is still a great deal. A 30-year-old would need to invest $340 per month to have 1 million at age 65 or $680 per month to achieve 2 million.
Make it your goal to invest as soon as possible, you might not have a lot of money right now but you’re rich in time.
*Formula source: Moneyguy.com, with expected lifetime return for ages 0 to 20 is 10% per year, decreasing by 0.1% each year after 20. All dollar values rounded to the nearest whole dollar.
The information provided in this post is for general informational purposes only and should not be construed as financial advice. Before making any financial decisions, it is strongly recommended that you consult with a certified financial planner™, attorney, accountant, or another trusted financial professional to assess your individual circumstances.
We want you to know that investment products provided by Southside Wealth Management & Trust: Are Not Insured by the FDIC or Any Federal Government Agency | May Lose Value | Are Subject to Risk | Are Not Bank Guaranteed | Are Not Deposits