Billy Florence - Message to Young Adults: Save Early

I'm sure most of you have played around with different retirement planning calculators or maybe talked with a financial planner. The law of compounding is an amazing thing. Interest can work for you or it can work against you. It can be your best friend or your worst enemy. So many young adults start their working career already in huge amounts of debt and have interest working against them. If you are in this situation, work hard to get out of debt as soon as you can. (Dave Ramsey offers some great advice on money management and getting out of debt in his books. Visit his website at www.daveramsey.com.) Start saving and planning for the future as early as you can in your working career.

When you get out of debt and start saving for the future early, it makes things so much easier for you. So many young adults think "I'll just wait and start saving later" but the later they wait the bigger percentage of their income they need to put away. So decide today to start saving early.

This article from CNNMoney.com talks about a young man who started stashing money away early and the advantages it gives him:

The reason our "What You Need To Save" calculator has come back with such a low savings rate in your case is that you've accumulated so much dough at a relatively tender age. Extreme saver you are, you've tucked away more than twice your income and you're barely in your 30s. Which is great. Saving big time early in your career vastly increases the odds that you'll have a large enough nest egg to fund a nice long and comfortable retirement.

Read the complete article at CNNMoney.com:

http://money.cnn.com/2007/05/25/pf/expert/expert.moneymag/index.htm?postversion=2007052509

© 2007 Florence News reprint permission to Billy Florence Team Dream Chasers site.