When thinking about legacy and building wealth–not just for yourself, but for your kids–compounding interest is the single biggest weapon.
Take a look at that chart.
The chart shows two kids who’s parents opened retirement accounts for them. One kid was 5, the other was 1.
Both families invested $1,980/yr for 13 years (totaling $25,740). But the difference of those 4 extra years of compounding (not contributing) equals a difference of over $1 Million!
Both families invest the same amount of money, but because one family got started sooner, their kid has 1.4X as much money.
Do you think you could come up with $2k/yr for 13yrs? What if doing so would guarantee your kid could retire?
Imagine being 13 years old and knowing that your parents already paid for your retirement.
If you’ve got kids and want to play around with the spreadsheet I made you can get it here: https://gum.co/XRMzi