Retirement and the Twentysomething – Not a Bad Combo!
If there’s one time of life that most people blow off, it would definitely have to be your 20s. We ignore the twentysomething phase of life because we think it’s a time where you’re supposed to goof off, mess up and basically do nothing but coast along through life. It’s when you hit your 30s that life is supposed to get serious. The truth of the matter is that you really want to make sure that you have things planned out a lot better than this if you really want a higher level of success. Sure, it’s tempting to believe that all you really have to do is just float along and not get anything done, but the reality of the matter is that you don’t want to do this at all.
A lot of twentysomethings make the mistake of believing that time will always be on their side. We hate to break it to you, but the reality here is that time will not always be on your side. You will have challenges that set you back longer and farther than you expected. You will have people that hurt you and annoy you. Distractions on the roadmap to a better life.
And you’re going to have to get serious earlier than you imagined, because life has gotten a lot more competitive than when your parents were in their twenties. The reality here is that you want to always make sure that you start thinking about retirement before you let the years go by.
The power of time on your money is incredible. You can take any retirement calculator and crunch the numbers for yourself. Even if you only started with $200 dollars a month and you don’t make all that much, your savings could grow to nearly $245,000. That’s assuming a steady growth rate of about 8%, which can definitely happen. And yes, you will have to think about taxes on taxable accounts.
Yet there’s no more just one way to get to retirement.
For creative twentysomethings, the power of owning something — whether it is property or a business — is quite incredible. There are so many different business ideas out there that you are bound to find something that you can actually do. Unfortunately, you’re going to have to deal with a lot of opposition when no one else is doing the same thing that you’re doing. It can feel like there’s no real point in doing anything because you’re just going to end up pushing so hard and not getting anywhere.
That’s the thing though — you have so much life ahead of you that it really does pay off to work hard now and enjoy a rich retirement later.
Don’t think that you have to make all of these incredible and life changing decisions on your own. If you don’t want to run a business, that’s okay. If you want to really focus on your career, that’s fine too. If you don’t know what you really want to do, that’s oaky too. However if you don’t know where you want to go, now is the time to make sure that you’re planning as much as you can for as long as you can plan. The alternative to not planning is just coasting, which we already admitted is just not the best way to go at all.
What path will you choose to get to retirement? There’s only one way to find out — start planning your retirement today!