Tony Robbins, intervention strategist, businessman and author, when discussing his book, “Money: Master the Game: 7 Simple Steps to Financial Freedom” said that when he was interviewing Warren Buffett for his book, he asked — “what are the secrets to your wealth? And he said it’s three things. No. 1, it’s being born in America. No. 2 is good genes, so I live long enough, and No. 3, is compound interest. Compound interest — people have no idea the power that it really has.” (USA Today, 2014)
This is exactly the point I was making in my article “Who Wants to be a Millionaire?” People generally underestimate the power of compound interest and never get started! Remember, even if you’re saving less than you’d like, you ARE saving! And that’s better than putting it off and doing nothing.
Robbins also recounted a story about “Theodore Johnson, a UPS employee who never made more than $14,000 a year, but set aside 20% of every paycheck and put it into company stock. The man saw the value of his investments soar to more than $70 million by the time he was 90 years old.” A woman I personally know, who retired a millionaire, confided in me when I asked her about her success, that basically she’s “just been a good saver” as she put it. She always lived below her means, always saved, and only bought things she truly needed allowing her to save even more over her lifetime. The power of time and compounding interest did the rest.
The best advice I can give as a life/wellness coach echoes the words of these role models in finance. START NOW…however you can…make a commitment to set aside 5-10% of your paycheck in a long-term investment account. If you’ve already begun, but you’re not happy with how your investments are doing, have an independent investment advisor like Anthony J. Mancini Investments take a look for you (at no charge, just mention my name) and see what can be done to improve them.
Let me hear from you. If you’re a woman, are you already investing for your future like an empowered woman would? Tell me how. If you’re a man or woman, does investing intimidate you? What trips you up with creating a savings habit and being comfortable with an investing lifestyle? Answer at least one of the three questions in the comments. Look forward to hearing from you.
Hellmich, N. Tony Robbins’ 7 steps to financial freedom in retirement. USA Today. December 9, 2014. Accessed April 24, 2018. URL: https://www.usatoday.com/story/money/personalfinance/2014/12/09/tony-robbins-money-book/19278963/