Focus on How Much You Can Save Per Day to Meet Your Retirement Goals
Plug your numbers into retirement calculators and you can easily feel overwhelmed. Does it take millions of dollars to comfortably retire ?! Forget that large amount and focus on the little things – maybe even just $ 15 a day.
Investing as little as $ 15 a day in a retirement account can help secure your financial future in the decades when you are no longer working.
George Schneider writes in Seeking Alpha:
Focusing on a small number of people that we can all relate to will be more effective in visualizing a goal and measuring progress towards achieving it.
Instead of frightening and confusing large numbers like millions (forget billions or trillions), most people can easily identify with a small number like 15. We can use elementary school math and it’s easy to find that today, for $ 15 buy about 7 gallons of gas. (just a few years ago he only bought us 3 gallons).
[…] $ 15 X 365 days = $ 5475
Do you know this number? Otherwise, you really need to hack into your financial future and plans to bring it to life.
$ 5,500 per year is the amount the government allows us to invest in a self-governing IRA. Many of us no longer receive gold watches and retirement benefits at work. We must make plans for ourselves. Nobody will do it for us.
The publication provides examples of investing $ 5,475 in stocks such as AT&T at 4.94% over 40 years, for a total of $ 694,000.
You should diversify, not invest in any one type of investment or stock, but the bottom line is this: No matter how difficult saving for retirement is, only a small, ongoing investment is required to achieve your savings goals. Even just $ 50 a month will go a long way thanks to the power of compound interest – arguably the most powerful force in the universe .
How to Retire $ 15 a Day | Finding the alpha