Are you counting on winning the lottery to secure your financial future? Unfortunately, you will have a better chance of getting struck by lightning than of winning the lottery.
Sure, most of us know counting on winning the lottery to generate retirement funds is a big gamble. But young adults who expect National Insurance or pension plans to secure their retirement are taking just as big a risk. Those under age 40 today have little chance of receiving much from either pensions or NIS when they reach retirement age. But don’t be scared. There is an easy way to fund your retirement that requires very little effort on your part.
You can join the Grenville Credit Union Retirement Savings Plan is designed for you to save consistently over time so you will enjoy a comfortable living in your retirement years. To participate in this program the member must be between the ages of 18 to 50 and is required to start saving a minimum of $50, monthly until age 60.
There is a powerful money principle that can help you generate your own lottery winnings. Compounding interest has a snowball effect on your money, so the earlier you start a consistent investment plan, the easier achieving financial freedom will be.
Compounding interest is powerful, especially when harnessed early in one’s life. Compounding interest occurs when you invest your money and earn a return. Then your investment returns begin to earn money too.
Because compounding interest is calculated on the amount of your personal investment plus your earlier interest earnings, your investment returns increase. You start making money off the interest your investment already paid you. Then you continue to make money off the interest that you make each year.