Saying, “someday, I’ll ….” can be a danger to our financial health.
How so? Because it sets us up for putting it off.
With our finances (and actually with most things), when we keep putting off the steps that would be beneficial in the long run, we’re hurting our financial health.
One of the most important tools for us on our journey to creating financial freedom is compounding interest. The result of this can be literally life-changing.
The classic example we can use to explain compounding interest is to take a penny and double the amount every day for 31 days.
How much do you think it’s reached at the end of the 31 days? (It’s worth having a guess! You may be surprised…)
It’s over 10 million dollars! 1
This is a cracking example of how much we stand to lose by putting off our financial fitness for the short term by putting off saving money or putting off finding a good accountant.
Such a small amount invested regularly can help you win enormously.
Putting off taking care of our finances will ultimately cost us more.
Ciao for now
1This compound interest example is a classic illustration of how starting small can still generate big results. This chart shows 30 days, and when we add just one more day, the total exceeds 10 million dollars. “A Penny Doubled Everyday” A. Yu (n.d.)
Fi Jamieson-Folland D.O, is The LifeStyle Aligner, with over 27 years experience in Europe, Asia and New Zealand as a qualified osteopath, educator, writer, certified raw vegan gluten-free chef, speaker, health mentor and Health Brand Ambassador. She loves to globe-trot with her husband Chris (NZ, Australia, USA, UK + Europe and Indonesia are current favourites) relishing an outdoor lifestyle and time with family and friends.