Money needs time to grow, so the longer you wait to start saving, the better chance you have of NOT being a millionaire!

• Think of it like planting a fruit tree. Fruit trees can take three to five years before they start producing any fruit at all. And after that the production increases exponentially. (01:05)
• The longer you wait to plant those seeds, the longer it will take to have them grow into that wonderful fruit producing tree. (01:38)
• There is no growth on your money, no growth on the seed until you plant it. Not only that, it has a greater chance to now be spent so even better for trying to avoid getting anywhere close to millionaire-hood. (01:45)

Quote for the episode: "If you wait to plant that tree for 10 years, so now you only get 20 years to save or 20 years of growth, with those same exact rates of 10% and $500 a month, you will now only wind up with less than $400,000." (02:07)

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Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

that tend to weigh on us, stress us out, and distract our focus

from simply enjoying life.

Hello and welcome to the next series here on the

Enjoy More 30s Family Finance podcast, 10 Ways to NOT Be a

Millionaire. Now if you actually do want to be a millionaire, not

to worry, this series isn't just for those people who are looking

to maybe shoot themselves in the foot. If you avoid doing these

10 things then you could also be well on your way to

millionaire-hood. Each week I will be sharing a quick step in

this how to not be a millionaire process, so you know what to do

or hopefully what to avoid.

As always, before I begin, please share and like please

leave reviews, I'd love to reach and help as many young families

out there just like you.

Today's great tip on how to not be a millionaire is by saving

late. The longer you wait to start saving, the better chance

you have of not being a millionaire. Think of it like

planting a fruit tree. Fruit trees can take three to five

years before they start producing any fruit at all. And

after that the production increases exponentially. A few

apples in year five might turn into a few dozen apples in year

six. And pretty soon by year seven, eight and nine you have

more fruit than you can handle. So the old saying goes when is

the best time to plant a fruit tree? And the answer is 10 years

ago. The second best time to plant a fruit tree is today. So

saving late is a great way to slow yourself down. The longer

you wait to plant those seeds, the longer it will take to have

them grow into that wonderful fruit producing tree. There is

no growth on your money, no growth on the seed until you

plant it. Not only that, it has a greater chance to now be spent

so even better for trying to avoid getting anywhere close to

millionaire-hood. If you save $500 a month for 30 years and

get 10% growth, you wind up with over $1.1 million. If you wait

to plant that tree for 10 years, so now you only get 20 years to

save or 20 years of growth. With those same exact rates of 10%

and $500 a month, you will now only wind up with less than

$400,000. So overall, I think it is more than clear. Saving late

is a fantastic way to not be a millionaire.

Thanks for tuning in today and join us for next week's episode

on how to not be a millionaire, Missing the Match. As always,

please remember to review and share for others and if you need

any help, don't hesitate in reaching out. I probably have

helped someone just like you. Until next week. Thanks for

joining me today and I look forward to connecting with you

again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal, tax, or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer, or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS Securities, Inc., and TFS Advisory Services an SEC

Registered Investment Advisor, Member FINRA/SIPC.