The best time to start saving is NOW!
If you can start saving and investing just $110 per month when you turn 18 earning the standard market rate of return, you will have saved up over $1 million by the time you turn 65. This amounts to saving just $62,000 – letting compound interest and the markets do the rest.
If you wait until you are 25 to start saving, you’ll need to increase your monthly savings by $90 per month to reach the same goal – saving up a total of $96,000.
By waiting, you will need to save an extra full year of wages just to reach the same goal! Start saving now, for huge returns in the future!