Put the same $1 into the same investment for a 54-year-old and a 15-year-old… and by 65 one has about $3 and the other has about $42.
Same investment with the same return… the only difference is time.
Say $1 doubles every seven years (10% returns)
A 15-year-old gets about seven doublings before 65.
A 54-year-old gets one and a half.
Meaning the most important lesson you can impart onto a younger person…
Every dollar you spend today costs you more than a dollar, and with a long enough time horizon it costs you the $64 it could have become.
Spending isn’t wrong… and you should never let being miserly outweigh any promise of a better future…
But most 15-year-olds spending money without ever seeing the other side of it.
It’s for 13 to 17 year olds, with parents in mind.
So go grab a copy if you haven’t already…
And like I wrote about yesterday, to make this fun I’m having a competition
The winner gets a free virtual ticket to Investormania (or money off your in-person ticket if you’re joining us in London) + physical copies of 3 of my books
2 runners up get 1 copy of any one of my books
Here’s how to enter…
Step 2: Leave a review after it arrives (instructions on how to do that are here)
Step 3: Forward me a screenshot of said review
Winners will be chosen at random and I’ll announce them next week
Happy reading
Oliver