A new year means a whole new chance to start fresh, and on this episode of The Wilson Wealth Show Maurice and the team talk about the value of starting early, specifically when it comes to money and building wealth. According to a May 2019 study done by BankRate.com, America’s top financial regret is not saving early enough for retirement. Often, by the time it “clicks” with an individual that saving for the future is something he or she should be doing, it’s almost too late to start building the wealth necessary for a financially firm foundation.
Maurice attributes this lack of money-saving initiative to scarcity. Like we saw in 2020, when a product like toilet paper is scarce at the store, we’re compelled to buy it, even if we don’t really need more toilet paper. When the clock starts winding down and we approach retirement age, we begin to start thinking about saving, but in reality, that scarcity mindset should be adopted much earlier in life. Maurice points to life’s three big time windows and how to act accordingly within each to reach your financial goals: 18-25 you’re working on establishing your career, 25-45 is the age where you do the bulk of your earning and saving, and finally, 45-65 is all about balancing the risk of loss with the goal of financial security to set you up after 65. The episode wraps up with this truth: it’s never too late to start saving, but there is value in starting early.
Key Quotes:
“The problem is, we don’t actually understand how much time we have to achieve our financial goals. That’s why we don’t start early.”
“No one has a K through 12 milestone, if you will, of getting from broke college graduate to financially secure adult. And I think that is where we drop the ball.”
What We Covered:
1:01 — Resolutions for 2021
3:32 — The Value of Starting Early: Money
6:04 — Why it takes so long for starting early with money to “click”
13:12 — Life’s three big time windows and how to act accordingly
15:58 — What happens after 65
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