So many times, I procrastinate on something just because I don’t know where to start. This series will help you understand the importance of compounding interest. As well as help direct you on what to invest in your retirement plan.
You may think a few dollars a month won’t be enough to get you started. I will show you it will go even further than you think. As well as what slight increases in contributions will do for you 30 years later.
For the examples, I chose an hourly rate of $15. For the match, I chose 3% of their total pay. I also chose 40 hours a week.
Not everyone will make that much money or receive that generous of a match. However, the goal is to get started and take advantage of any match you can.
Step 1: How much is 3%
Step 2: Compound Interest
Step 3: What Should I Invest In?
Step 4: Adding Pay Increases