We all make mistakes on the path to financial independence. Learn from ours as we chronicle the poor choices, bad habits and missteps we’ve made on the road to FI. In this episode, we share our own experiences from our teens through our 30s, reflecting on what we’ve learned in hopes of helping our children avoid repeating them. Join us as we explore these topics and more in this first episode in a series documenting our financial mistakes and missteps on the path to FIRE.
Watching this episode reminded us of a resource we’d seen The Money Guy Show share previously. This table is a really powerful example of the value of saving and investing early. It summarizes the amount you need to have saved by a given age (or made a lump sum investment at that same age) for it to grow to $1M by age 65. And on the topic of helping out your kids, if you invest $1544 in your newborn’s UTMA account and never touch it again, it will grow to $1M by the time they’re 65. Wow!
Jason also decided to blog on this topic, given how common of a financial mistake it is to get a late start on investing – it’s not only him and Eric making this blunder after all! Head on over to the next phase is NOW and be sure to invest early and often to ensure your financial goals are met!
You can find information on the tools we mention in each episode along with additional information in the Resources section of this site. To navigate to this material at any time, just click the menu button at the top of any page on the site.