Cindy is the smart one. Fresh out of college, she doesn’t spend all of her money at the club. Instead, she spends some of it planning for her financial future. Starting at 25 instead of waiting, how much doe Cindy have at retirement? A cool $1,907,340.54. You go girl. Instead of saving just 10% of her income, she may save 20%, which would effectively double this amount to $3.8 million dollars. Now, that’s Financial Magic at its best. Harry Potter has nothing on Cindy.
What’s my point? The point is obviously not for you to obsess over the tiny variations in numbers. My point is that by planning ahead, you can get ahead. If you are planning behind, then you’ll always stay there. Start saving early if you can, and if you can’t start early, then get started TODAY!
Dr. Boyce Watkins is a Finance Professor at