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I Wish I Started To Save Earlier After Seeing This Chart

I Wish I Started To Save Earlier After Seeing This Chart

Why do you need to save earlier?

Each one of you must have had different thoughts after reading the title of this article. Also, each of you must be at a different stage of life; some are old, some are in their middle age and some are quite young. Saving is one aspect of our finances that is really important for each one of us, no matter what our stage of life is. The stage of life when we start saving, however, is absolutely important!

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The earlier you start, the better it is. It is as simple as that. Time is such a great helper that if you start saving early then your money can even exceed those who save a lot more than you, but start later in life. This is all possible because of one major phenomenon that is called compounding! Compound interest can do wonders for your money.

Let’s look at a hypothetical example, person A and person B. Both invest the same amount of money but for a different tenure. But A started saving at a very young age. Thus her money had a very long time to multiply and exceeded that of B. A quick look at this chart from JP Morgan Asset Management would explain things better.

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    Now after a quick scan of this chart, I am sure you would be interested in knowing what compound interest is and what you should do with your own savings to get the most out of them.

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    “Compound interest is the eighth wonder of the world” ~ Albert Einstein

    What it simply means is that you receive interest not only on your original investments, but also on any interest, dividends, and capital gains that accumulate so your money can grow faster and faster as the years roll on. Of course, the sooner you start saving and investing, the more time they will have to grow.

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    A very good example has been given by Robert T. Thompson regarding starting saving early. He says, “The simple truth is that the compounding of earnings in a retirement account creates the potential for an exponential increase in your retirement savings. And to harness the power of compounding to its full extent requires savings discipline, which is no different than exercise: It’s always better to do a little bit on a regular basis, rather than to postpone, hoping that a longer, more intense workout later on will get you back into shape.”

    If you aren’t 25 right now, you might be regretting the lost time after reading this but don’t lose heart. No matter what your age is, the key to financial success is to act NOW rather than to delay things.  If you haven’t thought in this direction previously, you can remedy that situation by following our suggestions. Here, we have compiled some ways for you to make the most out of your savings.

    • Start investing today. Now that you know what a powerful tool time is, you should not waste even a single day. Each day counts!
    • Always put your money in an investment channel that offers the benefit of compounding. No matter how good the rater of return is, compound interest will always outweigh the benefits yielded by simple interest.
    • Try to look for those investments where the frequency of compounding is more. For example, opt for those investments where compounding is done quarterly rather than half yearly or yearly. The more the frequency of compounding is, the more your money will grow!
    • Save the maximum portion of your earnings. If you start early, you might be well within your targets by saving only a small percentage of your income. However, the later you start, the more you should be saving.
    • Set a savings target and stick to it. Although goals don’t harm anyone at all, but the need to stick to your targets increases with age. If you start saving money later in life, you need to practice a lot of discipline with regard to your savings and financial goals. Tracking your income, savings and targets might be a good option for you.

    The value of time and compounding cannot be stressed enough. So start saving today and be well on your way of becoming a millionaire by the age you retire!!

    Featured photo credit: 401(K) 2012 by 401kcalculator.org via flickr.com

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    Last Updated on August 7, 2018

    How to Make Money with a Blog (According to 23 Successful Bloggers)

    How to Make Money with a Blog (According to 23 Successful Bloggers)

    Not too long ago, you believed that making money with a blog was impossible. But after seeing dozens of income reports from other bloggers, you became hooked. Now you’re left wondering if you could achieve similar results.

    In this article, I’ll consolidate the lessons learned from some successful bloggers and get you the advice on how to make money with a blog.

    How to monetize your blog the right way

    A blog is more than a website with words, it’s a brand that solves a problem. When you’re first starting off it’s difficult to make any money. Why? Because no one trusts your brand.

    The solution is simple, provide engaging content to build a large audience. Once your blog’s traffic and subscribers have grown, here are the most effective ways you can monetize your blog.

    1. Affiliate Marketing[1]
    2. Selling Courses[2]
    3. Coaching[3]

    “Get rich quick” schemes rarely work

    Some believe that bloggers had their success handed to them, but this is far from the truth. Their success required sacrifice, discipline and courage to work. And this is where most people run into trouble because they’re unwilling to put in the work.

    Your first step to building income through your blog is to stop believing it will be easy to achieve. The trick is to only listen to a few bloggers who are at the position you’d like to be and take massive action.

    It can take months or even years before you start earning income.

    And when the going gets tough, keep going. Don’t stop. Learn to love the journey more than the outcome and you’ll build a profitable blog.

    Executing the right advice leads to success

    You need to learn from bloggers with diverse backgrounds.

    What motivates someone to build an online business may not inspire you. But there’re strategies some bloggers will share that you’ll resonate with.

    So what’s the next step? To start taking action.

    How to make money with a blog: Lessons learned from 23 successful bloggers

    Browse the list of some of the most influential and down to earth bloggers in today’s time. Chances are that you’ll resonate with a few of them. Take their practical lessons and apply them to your blog.

    These bloggers may spark light bulb moments for you and change your life forever.

    1. Gary Vaynerchuck – Down to earth entrepreneur who’ll transform your life

      Gary is a proud “D” student who helped his dad grow his wine liquor store into a 60 million business. He left the wine business to start his own digital agency, which now generates over $100 million.

      Today, he inspires entrepreneurs of all ages through his blog, vlog, and Podcast to take full control of their lives doing what they love.

      Lesson: Have the patience to build a successful business.

      2. Pat Flynn – Online Jedi who’s fearless to try new ideas

        Pat built several sites, is an author of many books and has launched many podcasts. His blog is one of the most popular sites on the web for beginner and experienced entrepreneurs. Despite Pat’s success, he’s still humble and willing to help others.

        Lesson: Don’t let fear stop you from stepping out of your comfort zone.

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        3. John Lee Dumas – Entrepreneur on fire, inspiring others through his voice

          John is the host of EOFire, an award-winning business podcast, interviewing top entrepreneurs. He’s interviewed successful entrepreneurs such as Gary Vaynerchuk, Tony Robbins and many more. John is also the author of the #1 ranked book for Podcasting in Amazon. He’s an excellent example of what happens when you chase your dreams and remain committed.

          Lesson: Follow one course until success (FOCUS).

          4. J Money – Rockstar money expert who injects “cool” into finance

            J Money is an award-winning personal finance blogger, company advisor and money rockstar. He injects a “fun” personality in his blog, adding a sense of “coolness” to personal finance. He’s the founder of RockstarFinance, a personal finance directory filled with useful resources.

            The fresh perspectives J shares about money will leave you pondering for days.

            Lesson: Have fun with your blog to stand out and create engaging content.

            5. Mr. Money Mustache – Badass blogger who’ll transform your financial lifestyle

              Mr.MM’s goal is to help you live a “badass” life. He has unique money saving ideas up his sleeve, such as cutting your grocery bill in half, and DIY solar panels. There are no “generic” articles in his blog, only thorough and well-thought ideas.

              Mr.MM is financially independent and willing to share his secrets if you dare to listen.

              Lesson: Focus on your needs and wants to live your dream lifestyle.

              6. Sam – Thoughtful blogger sharing smart insights

                Sam is a blogger and a real estate investor. His blog has received millions of views and featured in Forbes, Lifehacker, CNBC, and many more. Sam dives deep into topics like real estate, retirement planning, and career strategies. Read his blog and discover why it’s “bookmark-worthy”.

                Lesson: Keep investing in yourself to be better prepared for the future.

                7. Joshua Dorkin – The persistent entrepreneur who never lost hope

                  Joshua is a well-known entrepreneur and speaker who’s featured in major publications. He’s built the nation’s largest real estate investing blog and co-host of the BiggerPockets podcast.

                  He’s the ultimate example of what’s attainable when you pursue your dreams. His blog is one of the only few you’ll need to reach financial independence with real estate.

                  Lesson: Keep working towards your goal despite who tries to stop you.

                  8. Ramit Sethi – That “cool” teacher who’ll help you reach your next level

                    Ramit is a New York Times Bestselling author. He prides himself on being different, which is why he loves giving away 98% of his material for free. His content is binge-worthy and will bring out the awesome out of you.

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                    If you’re ready to master your inner psychology or finance, then stop by Ramit’s blog.

                    Lesson: There’s always a way to get what you want as long as you’re willing to put in the work.

                    9. Paula Pant – The entrepreneur who took an enormous risk chasing freedom

                      Paula is a writer, speaker and freedom enthusiast. It didn’t take long after landing her “dream” job to know it wouldn’t offer the freedom she’d craved.

                      Today, Paula has reached financial independence by building many income streams. Her writing style is engaging will leave you questioning your limiting beliefs.

                      Lesson: It’s worth risking the odds to live your desired lifestyle.

                      10. Steve – Early retiree, fearless to take a stance

                        Steve reached financial independence 30 years earlier than the typical American. You can find his work in major sites such as Forbes, Business Insider, and many more.

                        Currently, Steve writes detailed content on his blog helping readers achieve financial independence. If you’re looking to save money, or retire early, you’ll love Steve’s blog.

                        Lesson: Plan ahead to reach your desired goals.

                        11. Robert Farrington – Millennial Sensei for college students

                          Robert is a consultant, and a writer dubbed as America’s Millennial money expert. His passion for managing money at a young age led him to create The College Investor. In his blog, you’ll find great resources to crush student loan debt and invest your money.

                          Lesson: Be open-minded with how you can express your passion.

                          12. Joe Udo – The writer who took the road less taken

                            Taking risks ain’t easy, but there are always a few people who take it anyways. Joe is a blogger, investor and a great example of what risk takers do. He retired before turning 40, after leaving a job he’d been working for over a decade.

                            Joe’s blog shares proven ways to building passive income, and managing your money.

                            Lesson: Taking risks becomes easier when you prepare daily.

                            13. Elle Martinez – The financial superwoman for struggling couples

                              Elle has a passion for money, so much that she’s been writing about personal finance for over a decade. She enjoys helping couples build their finances together, and live on one income.

                              Elle’s blog helps you avoid money fights, boosts your savings, and much more.

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                              Lesson: Find ways to solve the problems you’re obsessed about.

                              14. Len Penzo – Creative blogger who makes personal finance entertaining

                                Len’s blog has received over 9 million visitors. He’s featured in major publications such as the NY Times, Forbes, and many more.

                                Len transforms boring money subjects into engaging content that hook readers for more. If you want to make smarter financial decisions, his blog is a must-read.

                                Lesson: Create engaging content to build a large audience.

                                15. Farnoosh Torabi – Finance expert, inspiring women to unleash their full potential

                                  Farnoosh used to borrow clothes and eat $5 Footlongs until she climbed out of debt. Today she’s a journalist, author, TV personality, and financial expert. Farnoosh is the host of SO Money, one of iTunes’s top financial Podcasts. She’s a leader and inspiration to other women.

                                  Lesson: View your shortcomings as gifts and use them to stand out.

                                  16. Michelle Schroeder-Gardner – Young entrepreneur achieving success on the road

                                    Michelle started blogging in 2011 with hopes of improving her finances. Today, her blog is one of the most popular personal finance blogs you’ll find. There’s a slim chance you might catch her on the road, as she’s touring around the US with her husband. Her blog contains advice for growing your income and living a better lifestyle.

                                    Lesson: Be transparent about your struggles to build a supportive audience.

                                    17. Phillip Talyor – Money expert who knows how to throw a finance party

                                      Phillip Taylor or “PT” is a blogger, CPA, and a finance enthusiast. At one point, he’d accumulated a ton of debt and was in need of financial wisdom. He created his blog to document his financial wins, and collaborate with others.

                                      Because of Phillip’s passion for finance, he created FinCon. Today, Fincon is the go-to conference where influencers and financial brands meet.

                                      Lesson: Hard work is more important than experience to achieve your goals.

                                      18. Stefanie O’Connell – The financial role model every woman needs

                                        Stefanie started blogging around 2008, at a time when most of America was in a financial crisis. Despite this, she went from living on less than $500 a week to dubbed as a Millennial money expert.

                                        Stefanie spends her time helping ambitious women adopt “rich” habits. Join Stefanie’s tribe and start feeling empowered with your finances.

                                        Lesson: You can be a role model for others if you’re brave enough to face your fears

                                        19. J.D. Roth – Finance enthusiast who’ll leave you thinking smarter

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                                          J.D. was a contributor of the “Your Money” column for Entrepreneur magazine. His blog is one of the best personal finance blogs on the web and has received millions of visitors. You’ll find in-depth articles that will leave you making smarter money decisions.

                                          Lesson: No matter how big your problems are, there’s always a solution.

                                          20. Catherine Alford – Entrepreneur mom, inspiring women to chase their dreams

                                            Catherine is a speaker, writer, and a proud mom of 2 twins. She’s an inspiration for women looking to spend more time with their families. Catherine became best Contributor/Freelancer for personal finance in 2014.

                                            Discover why you don’t need to choose between your career and family at Catherine’s blog.

                                            Lesson: Your story can become the inspiration many are searching for.

                                            21. Natalie Bacon – Life coach and entrepreneur inspiring women to design their dream lives

                                              Natalie is an inspiration for those looking to pursue their passion. She’s featured in major sites like The Huffington Post, Forbes, and many others. Natalie follows her dreams and isn’t afraid of hard work. Her blog contains quality content that will inspire you to take action.

                                              Lesson: Don’t be afraid to change course because you’ll be one step closer to finding your dream life.

                                              22. Crystal Paine – Inspirational entrepreneur who loves to give back

                                                Crystal is a personal finance blogger who’s been writing since 2006. Her site has creative ways to save money on groceries, clothes, toys, and much more. Crystal donates a percentage of her blog’s income towards life-impacting ministries.

                                                Her blog will not only teach you how to save money but also how to live an abundant lifestyle.

                                                Lesson: Focus on helping others first and you’ll build massive wealth.

                                                23. Liz – Frugal expert who’ll transform your bad spending habits

                                                  Liz is an author, writer and a frugal expert who enjoys helping others save money. She’s featured in NPR, Forbes, Liz’s blog contains creative ways to save money and reach financial independence.

                                                  Lesson: Be bold enough to prioritize your opinion above others’.

                                                  Start your blog and achieve jaw-dropping results

                                                  Imagine waking in your pajamas and opening your laptop. You notice a few hundred dollars were deposited to your Paypal account. This money didn’t fall from the sky, it came from your blog.

                                                  Not too long ago you believed making money from a blog was impossible, but now you’ve finally achieved it. Amazing isn’t it?

                                                  This can be your reality if you learn from these successful bloggers. Go through this list and pick your top three bloggers. Take a look at their content (Blog, Podcast, Video), and break your bad habits.

                                                  The time has come to transform yourself into the blogger you’d like to become. You’re not someone who only wants to accumulate a ton of cash. You want to live your dream life and impact others doing what you love.

                                                  What’s stopping you now?

                                                  Featured photo credit: Pexels via pexels.com

                                                  Reference

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