Save Late | Series 9.1

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Welcome to the Enjoy More 30s Family Finance

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podcast. The only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out, and distract our focus

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from simply enjoying life.

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Hello and welcome to the next series here on the

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Enjoy More 30s Family Finance podcast, 10 Ways to NOT Be a

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Millionaire. Now if you actually do want to be a millionaire, not

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to worry, this series isn't just for those people who are looking

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to maybe shoot themselves in the foot. If you avoid doing these

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10 things then you could also be well on your way to

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millionaire-hood. Each week I will be sharing a quick step in

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this how to not be a millionaire process, so you know what to do

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or hopefully what to avoid.

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As always, before I begin, please share and like please

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leave reviews, I'd love to reach and help as many young families

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out there just like you.

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Today's great tip on how to not be a millionaire is by saving

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late. The longer you wait to start saving, the better chance

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you have of not being a millionaire. Think of it like

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planting a fruit tree. Fruit trees can take three to five

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years before they start producing any fruit at all. And

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after that the production increases exponentially. A few

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apples in year five might turn into a few dozen apples in year

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six. And pretty soon by year seven, eight and nine you have

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more fruit than you can handle. So the old saying goes when is

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the best time to plant a fruit tree? And the answer is 10 years

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ago. The second best time to plant a fruit tree is today. So

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saving late is a great way to slow yourself down. The longer

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you wait to plant those seeds, the longer it will take to have

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them grow into that wonderful fruit producing tree. There is

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no growth on your money, no growth on the seed until you

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plant it. Not only that, it has a greater chance to now be spent

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so even better for trying to avoid getting anywhere close to

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millionaire-hood. If you save $500 a month for 30 years and

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get 10% growth, you wind up with over $1.1 million. If you wait

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to plant that tree for 10 years, so now you only get 20 years to

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save or 20 years of growth. With those same exact rates of 10%

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and $500 a month, you will now only wind up with less than

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$400,000. So overall, I think it is more than clear. Saving late

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is a fantastic way to not be a millionaire.

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Thanks for tuning in today and join us for next week's episode

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on how to not be a millionaire, Missing the Match. As always,

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please remember to review and share for others and if you need

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any help, don't hesitate in reaching out. I probably have

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helped someone just like you. Until next week. Thanks for

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joining me today and I look forward to connecting with you

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again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal, tax, or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer, or other professional before acting upon

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any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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of TFS Securities, Inc., and TFS Advisory Services an SEC

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Registered Investment Advisor, Member FINRA/SIPC.