Financial advisors stress the importance of early savings because time is a crucial factor in financial security. Compound interest allows savings to grow not just from the initial amount but also from the accumulated interest over time.
Pay Yourself First: Building Long-term Wealth
The idea is straightforward: with every paycheck you receive, immediately set aside at least 10% for yourself. This isn’t for spending; it’s for saving or investing. You’re essentially making your future self a priority over your present desires.