May 11
5
Grow your money wisely
Have you ever played with your money goals on an investment planning calculator? If you haven’t, I encourage you to have some fun with this so you can immediately see the benefits of putting aside money to grow each year. If you can let your money compound tax free, the difference is profound!
This month we are focusing on creating financial goals at the Financial Woman Alliance, so I decided to make a bonus video using my favorite online free financial planning calculator. Even though I have done this way too many times to count, I am always blown away by the difference in money that compounds tax free and investment earnings that are taxed. For example, did you know that $100,000 saved for 10 years, with $833 added monthly with a federal tax rate of 28% and a state tax rate of 6% will grow to an amazing $321,478? But wait…remove those taxes and it grows to $682,236!!!
Talk about getting motivated to get your spending under control and focus on growing your money! The old money rules still apply, despite the fact that many are stuck with paying off high credit card debt and feel more uncertain than ever about their financial futures:
Put aside money to grow every month
Invest it wisely so it compounds
Grow your money tax deferred or at the lowest rate
Start as early as possible OR wherever you are RIGHT now!
These money rules never change. Create the financial security you want by putting these simple but profound timeless money principles in place. Become a financial woman today by embracing your financial journey!
