What would happen if we were able to operate in a world where we didn't pay such fees and took that money to boost our retirement? Let's see.... if $24 billion averages out to $1,300 per person, then $34 billion would be around $1,850. Right off the bat we could see a nice little boost for our retirement of $3,150! That is free money since it didn't change your cost of living one bit and it didn't increase debt or deplete savings. Oh, boy, I am feeling a bit rich!
Now, what would happen if I could do that every year over the next 40 years of my working career. Using my handy dandy Excel Spreadsheet I calculate the future value of $3,150 invested each year over 40 years at 10% rate of return and presto chango... I have almost $1.4 million stashed away for my dream retirement seeing all the sights and resting with a cold drink on the beach!
Now to get there, the trick is, I need to make sure that I have a good handle on my cash flow so that I never overdraft or incur late fees on my accounts AND I need to participate in my employer's retirement plan and maximize that match! If you need help getting started. Bank On is here for you. In 10 months you could see greater financial control and get yourself on a financial plan to achieve your dreams. Now is the time to get started. You can enroll today at www.bankonhamptonroads.com for the classes beginning soon. Check out our calendar of classes while you are there. Best thing; it is FREE, no cost to you, pro bono.... you get the idea! See you soon.