Proverbs 6: 6-8 Go to the ant, O sluggard, observe her ways and be wise, which, having no chief, officer or ruler, prepares her food in the summer and gathers her provision in the harvest.
I have mentioned the Miracle of Compound Interest previously, but not specifically when it comes to retiring. I encourage all college-age students and 20-30 somethings to begin planning for their future today by setting up a Roth IRA which provides major tax advantages over a traditional IRA. At this point TIME is on your side. A projections calculator will illustrate how much your earnings will be when you reach retirement age. You can adjust it according to interest rates, monthly contributions, current and future age, etc. Growing your money in this type of account truly is amazing and pretty painless to do while you are young and have relatively low expenses. I discussed this with my college-aged son and he set one up when he was 18 years old. The bank representative that opened it for him said he had never seen someone so young do this and what a wise thing it was to do. By all means, look into this for yourself and your family. Even a contribution as low as $25-50 per month will earn you great gains when you are older.
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