When discussing and planning for wealth accumulation, the first question you must ask yourself is how much time do I have? Obviously, no one knows when they will die but assuming an average life expectancy you can figure out how much time you have to accumulate wealth. In general, if you have a short amount of time than having an aggressive mindset when choosing your investment vehicles may make the most sense.
Conversely, the longer you invest the more time your money has to grow and potentially earn compounding interest on a tax deferred basis. Albert Einstein said, “Compound interest is the 8th wonder of the world, he who understands it, earns it…he who doesn’t, pays it”.In a recent survey, Millennials stated they would like to retire at age 62 yet only 22% of those ages 18-34 are currently saving for retirement and 91% say they don’t have any type of financial plan in place to achieve their goals.
The longer you wait to implement a wealth accumulation strategy the more valuable time you lose to grow your money. Whether you’re a millennial, baby boomer or somewhere in between we can customize an effective strategy to meet your specific needs.
Call and speak with a licensed representative today.