Half the country has no savings.
I believe that whatever happens next is going to be worse than many imagine. People aren’t talking about it that way because they both lack imagination and no one wan’t to yell the sky is falling. (But it is.)
Someone close to retirement once asked me (a very long time ago)… “I have $500, what should I do with it?” Even back then, $500 wasn’t a lot of money, and there isn’t anything you can do with it to turn it into a meaningful amount.
Like the Chinese proverb, the best time to invest that $500 was 20 years ago. The second best time is today.
The truth is, the best thing you can do is chip away at your wealth-building goals little-by-little, then use the power of time and compounding to your advantage.
And, that’s why that last line of the above tweet thread caught my attention.
It’s not about timing, or trading — buying-low and selling-high — but rather about buying and waiting. It’s about planning for your far-in-the-future-you, so far in the future that most of us really aren’t designed to think that far ahead.
There are so many things that work against human nature when it comes to investing. We shouldn’t also let a lack of education about saving and investing compound the difficulty. Building wealth, saving for the future, is not about trading and ‘playing the market’.
It’s about building over time. About learning.
There are so many excuses (many good, some less-so) why it’s hard. Well, no shit. You know what’s also hard? Parenting. It grinds you down. It requires sacrifice. It’s relentless.
Is saving for your future harder than parenting? No.
So then, what are you waiting for?