(upbeat music)
- Hi, I'm Kelli from freebiefindingmom.com.
And today I'm gonna share with you
the best financial decision that I ever made.
This decision I made years ago,
will continue to help me grow wealth
for many years to come.
And you can do the same thing.
Now was it a high-flying stock that I invested in
that made me a lot of money?
Or a genius way to save money?
Nope, it wasn't either of those things.
The decision I made is something anybody can do.
And it doesn't take luck to make it happen either.
The best financial decision that I ever made
was to start saving for retirement in my early 20s.
Now before you start to think,
oh she must have had wealthy parents
that paid for all of her expenses
so that she could save for retirement.
Let me stop you right there.
There were no rich parents for this girl.
I was a poor college student with thousands of dollars
in student loan debt at the time.
And I was working as a co-op in an investment advisory firm.
Now if you aren't familiar with what a co-op position is,
it's basically like a paid internship.
Well one day, my mentor came over to me
and he asked me if I'd ever thought
about starting to save for retirement in a Roth IRA.
And I thought, are you kidding me?
I can barely pay my bills the way it is.
There is no way I can start to save for retirement.
Besides, retirement sounded like
it was gonna be a million years away anyways.
I think he got the impression
that I wasn't entirely sold on the idea.
So he handed me a packet of articles to read
and he asked me to take a look at them
when I got the chance.
Now to be totally honest with you,
I never intended on reading these articles,
because I just couldn't imagine
being able to save any money for retirement.
But that evening on the bus ride home from work,
I decided to look at the articles he had given me.
And the one thing that really resonated with me
was the power of compounding.
I remember reading an example, something like,
you save $3,000 a year, starting at age 25 in a Roth IRA.
You save that same $3,000 every year
for the next 10 years, 'til age 35,
and then you stop contributing.
At age 65, you would have $338,000
in that retirement account, assuming a 7% rate of return.
I thought, wow, if I can start saving now for retirement,
and continue to do so for the next several years,
I could really build up a nice nest egg for retirement.
Now let's say you wait, and start saving
for retirement at age 35.
And you save $3,000 in your Roth IRA,
and you do so for 30 years instead of 10 years this time.
Guess how much you would have at age 65?
You would have $303,000, assuming a 7% rate of return.
That's $35,000 less than if you would have started
at age 25, and you would have had to save
$60,000 more into your Roth IRA.
I thought, holy power of compounding.
So that night I went home after reading those articles,
and I tried to figure out if there was any possible way
I could start saving for retirement.
Now mind you I was already an avid saver.
But after reading those articles,
I became possessed, to try to figure out if there was a way
that I could save even more money for retirement.
Luckily, after many hours of overtime
at that investment advisory firm,
and countless hours of babysitting on nights and weekends,
I was able to provide the maximum contribution
into my Roth IRA in my early 20s,
and continue to do so even still today.
And gratefully, that account has grown
nicely through the years.
So I encourage you to try to start saving for retierment
in either a Roth IRA, or a traditional IRA.
Even if you can't contribute the maximum every year,
any contribution is better than no contribution.
I hope by sharing my story, you are motivated
to start saving for retirement,
regardless of what age you are.
Please if you will, do me a favor.
I'm collaborating with Freedom In A Budget.
Please check out her videos by going to the link down below.
And find out what her best financial decision was.
You just might be surprised.
Please give both of our videos a thumbs up,
and be sure to subscribe to our YouTube channels.
Thank you so much for watching.
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