Because every single day you wait could cost Future You about $100. (Mhmmm). That’s like having $4 deducted from your bank account every single hour of every single day. Um, no, thank you. (Here’s how they calculated that.)
Compounding is what happens when your investments earn money, and then that money earns you even more money. And so on. And so on.
Take this example:
All that being said, historically, the most successful approach to investing has been to tune out all the noise in the media and what you hear about predictions and “hot stocks”. Instead, invest consistently, a bit out of every paycheck, with an eye on the long term.
Why this is especially important for us women
ICYMI, there’s a big gender investing gap. Women retire with two-thirds as much money as men even though we live an average of 6–8 years longer. so, why do we have less money? There are a lot of reasons why, including the gender pay gap, and the fact that women take more frequent career breaks. (BTW, Ellevest’s platform takes these things into account.)
It’s not cool. And it’s not fair. But it’s the reality of the situation. And it means we have to start investing – like now – like yesterday.
If you’re a first time investor in your 20s, 30s, or even 40s, and you haven’t started, today is the best time to start.
And, contrary to popular belief, you can start investing before you have a lot of money. Seriously—with a robo-advisor like Ellevest, you can start with $1, $5, or $500 … all good. Making a few small, smart investments (like taking advantage of a 401(k) employer match) can have a big impact over time.
Ready to open your investing account? Follow the link below and you’ll be taken to Ellevest for more information
It can be fun spending money. It can be even more fun watching your savings grow. You’ll thank us later.
Here are more money topics for you…
Questions? We’re here to help. Leave us a comment and we’ll get back to you!