Now let’s take a moment and look at Steve.
Steve is 47 years old, being raised in the family electric business, he never attended college. At the age of 21 he began working for a small grocer earning $29,000 a year. He always put 6% of his paycheck into his 401k and received a company match of 75%. Today, continues with his 6%, putting in a little more when possible. His job has never paid more than $75,000. He owns a small house in Valencia and drives a Honda Accord. Due to the power of compounding, he has over $850,000 in his retirement account. He still has almost 20 years of compounding before he is going to retire. By that time, he should have amassed nearly $2 million and with his modest lifestyle and house being paid off, he will be able to live out his retirement years at a great degree of freedom with vacations and spoiling his grandkids.
These are two different people in very different circumstances? Who do you want to be? Stu or Steve? If you want to be more like Steve and less like Stu there are some basic steps you can take today to make that possible. I will cover those in my next post.
Wishing you wealth in all its greatest forms.
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