If you invested $250 per week for 30 years and averaged 7% in a tax-deferred account, you’d have over $1.2M dollars at the end of those 30 years.
Today, Dave is going to explain what the time value of money is and how it can affect you both positively OR negatively depending on what you do with your money.
The time value of money is a very interesting subject and one you would want to know at least a little bit about.
If I said to you I can give you $20K today or $20K five years from now, which would be a better deal?
That’s easy, right?
YOU my listeners would say ‘take the money’ and take it now! Why?
If you have been listening to this podcast for a while now and still have not started saving a portion for your retirement, by doing ‘nothing’ with your money, you are actually doing ‘something’ with it.
YOU are in essence allowing your hard-earned money to lose value.
Make sense?
The earlier you start, the better off you are because of the time value of money. Remember, an investment delayed is an opportunity lost.
Start today to win with money.
Questions for Review:
- Do you feel like you fully understand the concept of the time value of money? If not, how could you grow in your knowledge?
- How can you put your money to work today so that it earns for you tomorrow?
- If you have a healthy amount in your savings account, is there some money stored away that could be used to grow your retirement?
Verse From the Episode: "You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm his covenant that he swore to your fathers, as it is this day." -Deuteronomy 8:18