Save early and consistently for retirement from "summary" of The 7 Most Important Money Decisions You'll Ever Make by Mary Claire Allvine,Christine Larson
Saving early and consistently for retirement is crucial for achieving financial security in your later years. By starting to save for retirement as soon as possible, you give your money more time to grow through compounding. Compounding is the process where your money earns interest, and then that interest earns interest, creating a snowball effect that can significantly increase your savings over time. Consistency is also key when it comes to saving for retirement. By consistently setting aside a portion of your income for retirement savings, you build a habit that will serve you well in the long run. Consistent saving allows you to take advantage of dollar-cost averaging, where you invest a consistent amount of money at regular intervals, regardless of market conditions. This strategy can help smooth out the highs and lows of the market and potentially lower your average cost per share over...
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