Start investing early from "summary" of The Automatic Millionaire Workbook by David Bach
Investing early is crucial if you want to become an automatic millionaire. The earlier you start investing, the more time your money has to grow. This is due to the power of compound interest. Compound interest is the concept of earning interest on your interest. It allows your money to grow exponentially over time. When you start investing early, you give your money more time to compound. Even if you can only afford to invest a small amount each month, the power of compound interest can turn that small amount into a significant sum over time. This is why it's important to start investing as early as possible, even if you can only afford to invest a little bit at a time. By starting early, you also have the advantage of being able to weather market fluctuations. The stock market can be volatile, and there will be ups and downs along the way. However, by starting early, you give yourself a longer time horizon to ride out these fluctuations. This can help you avoid making emotional decisions based on short-term market movements. In addition to the financial benefits of starting early, investing early also helps you develop good financial habits. By making investing a priority from a young age, you establish a pattern of saving and investing that can serve you well throughout your life. This can help you build wealth and achieve your financial goals over the long term.- The key to becoming an automatic millionaire is to start investing early and make it a priority in your financial plan. The earlier you start investing, the more time your money has to grow through the power of compound interest. So don't wait – start investing today and set yourself on the path to financial success.
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