Money rule - Start saving as early as possible

2. Start saving as early as possible

Time is your most valuable asset when it comes to saving for retirement, and the earlier you start saving, the easier it is to build a healthy nest egg.

Thanks to compound interest, your savings will snowball over time. So even if you don't have much to save when you're younger, simply getting started and stashing something for the future will pay off big time down the road. And the longer you wait to get started, the harder it will be to catch up.

Say you want to retire at 67 years old with $1 million in savings. If you start saving at age 25, you'd need to save around $375 per month to reach that goal, assuming you're earning a 7% annual return on your investments. If you were to wait until age 35 to start saving, though, you'd need to save around $800 per month to reach that same goal.

Additionally, even if you don't have much to save now, that doesn't mean you won't be able to bump up your savings in the future. It's easy to shove retirement saving to the back burner because you think saving what you have now won't amount to anything. But if you save a little now and then start contributing more once you get that raise, change jobs, etc., you'll still come out ahead compared to if you'd waited to save anything until you started earning more money.

Learn how to write - first paragraph

    time is asset -> time is most valuable asset -> time is your most valuable asset -> add when clause

    Add and clause -> the earlier you start saving, the easier it is to build a healthy nest egg. 

  nest egg -> a healthy nest egg -> build a healthy nest egg

Time is your most valuable asset when it comes to saving for retirement, and the earlier you start saving, the easier it is to build a healthy nest egg.

Actionable Items

Do not spend money on food. I should not spend money on parties. I should not be a party person.