Before I begin, let me clarify. Money is not your master, but if you respect your money, you are much more likely to receive greater financial success. A lack of respect for money and often time's for oneself will lead to a lifestyle focused merely on the acquisition of "stuff." A wise philosopher by the name of George Carlin ranted about this. When we go to the local mall, the items that are available for sale are usually money pits. They are rarely income producing assets, and will start to lose value as soon as you walk out the door with them in your big brown bag.
When you purchase items at the mall, the thrill or shopper's high only last a few short days or weeks. It is a temporary feeling that is fleeting. The financial impact is mind blowing.
$1,000 dollars today invested and growing at a rate of 10% per year, would grow to $117,390.85. That is the awesome power of compounding interest. The first year, the interest is based on $1,000. In year 2, it is based on $1,010. As time progresses, you earn interest on interest.
I speak on this all the time, but nothing you buy today will bring you closer to a successful retirement and long term financial security. You need to respect your money and put the laws of interest on your side. Money is not everything, but it something that is needed to gain peace of mind.
Wishing You Success in all its Greatest Forms,
Alex
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