You’ve worked hard for your money, now make sure it works for you. We all want our money to grow and grow and be there for us when we ask for it, serve as our nest egg during retirement, eventually go to our kids, grandkids and charitable accounts when we leave this earth. But if we don’t take the necessary steps now, our money will not do this for us. This is what you can do for your money: 1. Start now.
The sooner you start investing, the better off you’ll be down the road. For example, let’s look at a 20-year-old who invests Rs/5,000 per year (assuming 8 percent interest) for 30 years vs. a 30-year-old who invests Rs/10,000 per year for 20 years. At age 50: The person who started earlier will have over Rs/600,000 The person who started later will have less than Rs/500,000, despite the fact that they are contributing double the amount at the time they started. This is the power of…
