Have You Started Saving?

I've already attended Bo Sanchez' How to be Truly Rich Seminar twice and it took this 2nd seminar to remind me to save and invest.

I got so focused on running my business that I forgot all about investing and saving.

Have you started saving? Start early!

Bo Sanchez showed us a chart and told us a story about two people.

Let's call one of them Carlo and the other Anna.

Carlo started saving P20,000 a year (approx. P1,700/month) and invested it every year for 6 years. At the end of 6 years, he met Anna and he taught Anna all about saving (At the same time Carlo was stationed at another country so he had to stop saving). So Anna started investing P20,000 a year also. After 6 years, Anna was also stationed to another country so she also stopped investing.

After 20 years, Carlo and Anna both decided to withdraw their money. Carla and Anna had both invested P20,000/year for 6 years so they both put in P120,000 in investments. So would they have earned the same amount?

Anna went to check how much money she had and the banker told her she had P4.6 Million in the bank. When Carlo heard this he, too, checked the money that he had. Carlo asked the banker how much he had...

Guess how much he had?

Is it the same amount as Anna?

Carlo had P9 Million in the bank!

How'd that happen when they both put in the same amount of money? It's because Carlo had started investing earlier. So even if they put in the same amount of money (and even if he stopped investing after 6 years) through the law of compounding interest, Carlo's money would definitely grow more than Anna's.

So moral of the story??? Start saving and investing early!

Starting early makes all the difference in the road to wealth.


Start investing now!

-designstudentny


P.S.
Bo Sanchez' next How to be Truly Rich Seminar is on April 10, 2010 so be sure to mark your calendars and reserve a seat for this event.

In the mean time, you can also check out Bo Sanchez' TrulyRich Club. I'm a member of this club and Bo sends us emails every week, audio lessons 2x a month and videos every 3 mos. It's really such a blessing. I am learning so much. Check it out here or paste this link on your browser: http://www.bosanchezmembers.com/amember/go.php?r=1138

Here are also some of my favorite books on investing and money management: