carnivalday
Recycles dryer sheets
- Joined
- Mar 12, 2011
- Messages
- 120
I helped a friend of mine open a brokerage account to fund her retirement. I stressed as hard as I could that time was on her side (she started at 50) and she could still retire at 65, but she had to start NOW. She started with dividend stocks, investing $50 a week. I wanted to get her in the habit of paying herself first, so I ragged on her every week "did you buy something this week?" After a few months I pulled away the net, and stopped remind her. She would text me each week when she bought something. Then she'd skip a week. Then another week. Then she stopped.
She's about 58 now, and that account, which is reinvesting dividends, has about $10,000 in it. I cant make her help herself. I thought she had seen what I was able to do, with not being a high earner, and being able to retire at 65. Now she's lost years of saving and compounding, and I worry about her future.
So I would say, whatever you decide to do, start NOW and be consistent. Pay yourself first. Because once you have lost that investment, and that compounding time, you can't get it back.
She's about 58 now, and that account, which is reinvesting dividends, has about $10,000 in it. I cant make her help herself. I thought she had seen what I was able to do, with not being a high earner, and being able to retire at 65. Now she's lost years of saving and compounding, and I worry about her future.
So I would say, whatever you decide to do, start NOW and be consistent. Pay yourself first. Because once you have lost that investment, and that compounding time, you can't get it back.