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RMS Accounting

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Money at Work

 

   If you hope that someday you will not have to work to have money, you must plan now to put some of your money to work for you. Even if you think you will always prefer to work, you will want to have something in reserve in case the unexpected happens.

   Saving or investing should not be something you do with dollars left over after you’ve paid for everything else. It should be what you do first.

   Time is important in accumulating the money you’ll need for your financial objectives. If you started investing $50 a month at 8% from age 25, you’d accumulate $174,550 by the time you’re 65. If you started the same investment program twenty years later at age 45, you’d have $29,451 at age 65.

   There is no magic to making money by investing. It requires discipline, determination, perseverance, and hard work. But having the resources to do what you want in later years makes the effort worthwhile.