When I was in the financial services industry, I needed a story to be able to help people understand why and how much they needed to save.
This was a few years ago and a “Timmy’s” was a little cheaper then, $1.35.
Using this example, I think it’s reasonable to expect to go to Tim Horton’s for a coffee a day. That being said, how much do I need?
Do you realize that to pay for a coffee a day, at $1.35 each, you need a little over $14,000 invested and making 8% at age 65 to pay for one coffee per day until you are 90? And that’s just for ONE coffee.
Now, what do I need to do to save the $14,000? If I’m 45, I need to save approximately $35 per month for the next 20 years AND make 8% return on that investment to reach the $14,000 target at age 65.
As with everything else in life, what do you want and what are you willing to do for it?!
I would recommend reading two books: The Slight Edge and The Millionaire Mind. Then I think you should call your financial advisor and set up a plan.
“If you keep doing the same expecting the same result……”
Have a great day!
What am I thankful for today? I’m thankful for a beautiful and sunny day. I’m thankful that God is in my life. I’m thankful for the bus drivers who bring me back and forth safely every day.
What are you thankful for today?Please share ... by