How important is it to begin saving money when you are young?
Answers | 6
Start early, and let your money work for you.
It's much easier to start early and let compound interest work for you. If you wait until you're older, you'll have to set aside a much larger portion of your paycheck every month. That's why experts recommend starting at an early age.
To give you an example of how important it is to start early, here's my personal story:
I started saving 10% of my salary at age 25 when I was making $9.25 per hour and today I have over $400K in retirement savings. It wasn't easy to take 10% out of my paycheck when money was so tight, but I had to keep reminding myself that this would payoff in the end. And it did.
My personal story was featured on Vanguard.com
So start saving now, doesn't need to be much and while you're saving (just a bank savings account for now) research what will work best for you. When you find it, transfer the money over and you're started in saving for your retirement.