It's Never too Early to Start Investing!
Remember the old saying, "never too late to start"? Well, try this on for size: when it comes to investing, it's never too early to start. Time really is of the essence here. Those of us who find ourselves between the ages of twenty and forty should make investing for retirement a key priority on our list of things to do.
Your average, middle-aged, two-income American family lives paycheck-to-paycheck. And, life expectancies are increasing. So how do you expect to be prepared for a retirement that could potentially span twenty, maybe thirty years? How do you keep your welfare in mind as well as the welfare of your family, especially that of your children, when choosing your investment(s)?
Ladies and Gentlemen, may we present the Roth IRA account.
Sure, it's easy to think: that's nice, but the economy is in the pits. I have a hard time dealing with the present as it is. And now you want me to think of investing for retirement or for my kids?
Fair enough. But let's get out of Personal Budget-Crisis mode for a moment and consider: just $2000 invested in a Roth IRA for a child when s/he is born is worth about 2 to 3 million dollars when that child reaches the age of 65! And you don't have to add another cent to the principal amount! Astounding, you say, how is that possible? That, my dear Watson, is the beauty of compound interest at work. Roth IRA's are a perfect investment tool for this situation.
Imagine the results if funds are added over the same number of years.Depending on your income, age, and tax bracket, the Roth IRA now allows an initial investment of $4000, and additional investments of up to $4000 annually. And, profits can be taken absolutely tax-free when you're 59 ˝ years young! The potential for returns blows away the idea of simply holding money in a savings account or a traditional bank Certificate of Deposit (CD).
At the risk of sounding like a bad infomercial, DON'T WAIT?INVEST NOW! But before you tune us out, we understand that you may have concerns like I don't have time or I don't know how.
In fact, all is takes is one 15-minute phone call. Talk to someone at a brokerage firm, or to your financial advisor, to set up a Roth IRA account for yourself and your kids. A good financial advisor will explain your options without the need of a "Investments-to-English" dictionary. Take advantage of this basic service. Surely you can spare 15 minutes, especially if it's to turn $2000 into 2 or 3 million dollars!
Still in college, or recently graduated and fighting off student loans? Believe it or not, it is possible to save a little money and invest for the future. A college professor heard the true story of a janitor who earned about $15,000 a year working at a school for underprivileged children. In the 1970's that janitor, who had never graduated high school, donated $1 million to the school. Deeply inspired, the professor followed the janitor's investment example and donated $8 million to a university?on a professor's salary.
Moral of the story: Don't determine what you have by what you earn, but by what you save. Both men understood the power of investing just a small portion of his earnings. The results were remarkable donations on seriously unremarkable incomes.
Everyday, young investors are taking advantage of this great system, and planning for their futures. Think of one good reason why you shouldn't do the same for yourself, and for your family. Go ahead, we dare you.
Scott Pearson is an investment advisor, writer, editor, instructor, and business leader. As President and Chief Investment Officer of Value View Financial Corp., he offers investment management services to a wide variety of clients. His own newsletter, Investor's Value View, is distributed worldwide and provides general money tips and investment advice to readers both internationally, and in the U.S.
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