Compound interest blows my mind.
A little bit of money with a lot of time can work wonders for helping you reach your savings goals.
But the problem for many is that it’s really hard to imagine the future and make sense of the impact that time can have on the size of your retirement accounts.
So when I came across this info-graphic about beer and retirement planning, I had to smile. It really puts compound interest in perspective!
Note: The Roth IRA is an tax-advantage account only available in the US.
If you’re in the UK, like me, you can save in a Stocks and Shares ISA instead, and take advantage of the stock market’s higher returns over the long term.
If you don’t know where to start when it comes to opening a Stocks and Shares ISA you’re in luck, as I’m currently working on a video series that will show you exactly what you look out for and how to open one, step by step!
You’ll Need More Than Beer
While its fun to think off all the beer you could buy with a tiny daily saving plan, there will always be lots of things you’ll need to pay for when you are not working so get to it, one pound or dollar at a time.