Being a millionaire is only a luxury very few people will have. However, if younger generations start now, they can be financially independent by the time they are 60. Becoming a millionaire obviously doesn’t happen overnight unless you win the lottery. Much of America’s youth is going through college and saving is almost impossible. Ken Kurson is an expert on financial literacy. He says that if the right steps are taken, twenty-year-olds can have a hefty retirement fund.
Saving about fifty perfect of a paycheck might seem impossible for entry-level employees. Rent, bills, and groceries add up. Let’s not forget the finances that have to do with insurance, car difficulties, and many other costs. So, of course, pay everything that one can so debt doesn’t add up. It’s better to have less money in bank accounts but be debt-free, then postponing payments. However, any chance that someone does get for saving money, even $20 a week, can help in the long run. Investing $100 a week, for thirty years, with a 7% investment return is over half a million dollars. That’s insane. Imagine, as one grows, being able to invest more than $100 a week. Ken Kurson recommends to the youth of America to stop paying for gaming apps and start saving that money for their futures. Investing is super important and can help the families of many years from now. As money sits in savings accounts, it will grow. Please save as much as possible, even if it’s $5 because that $5 will eventually become $10, and so on.