We all have heard the common saying – Time is money, yet many people interpret this statement in a variety of ways. In our world of financial empowerment and the promotion of one’s overall well-being, time is a precious thing that MUST be utilized and cherished.
I have met people that feel as Time is an illusion since you can’t really touch it or feel it with your fingertips; however, aging is- in particular, the best illustration of it’s existence.
Now, as we narrow things down into Time and it’s relationship with Money, we must acknowledge the reality that the sooner we begin to save, the more enjoyable our life can be during our later years. The majority of the people I talk to know this simple concept yet my question is…why is everyone having such a hard time saving? I would start with the enemy of saving- procrastination.
When many people are young, they think they have lots of time to save or think there is no need to worry about those “adult” matters. The fact of the matter is that pretty quickly life begins to happen. They get married, have kids, buy a house, get a better paying job and expenses on top of busy schedules begin to become the new normal of a “Young Adult’s Lifestyle”. As they enter mid life, their children go to college, they are almost about to pay off that mortgage (hopefully), and college tuition takes a big piece of their budget. Soon they will join the majority of frustrated families who constantly are worrying about money, stressing about the little savings they have yet they don’t seem to be able to know how to get ahead. They know they must save, but now it is too late to experience the sweet effects of compound interest and having a solid financial foundation. Many wonder and look back in time saying: If I would have put aside at least $100 while I was young every month? Things would be a lot different and they could have accumulated significant assets today.
Our recommendation is to NOT wait and let procrastination consume your future peace of mind. It’s never late to do something about your finances but have in mind that as we become older, we are limited on what we can do to catch up.