The Best Way to Use the Most Powerful Asset You Have

What’s your best asset? No, not that! 😲

The most powerful asset you have is TIME. It has value, but doesn’t cost you anything; you don’t have any less of it in a day than anyone else. As Mark Cuban (entrepreneur, investor) says, “Time is the most valuable asset you don't own. You may or may not realize it yet, but how you use or don't use your time is going to be the best indication of where your future is going to take you .” ⏱

So, how can you best use your time? Well, watch less TV perhaps, I don’t know. That’s the wrong question! The right question is: How can you make TIME work for you to maximize your financial future? 📈

You must absorb the idea that the longer you have to earn returns on your existing resources, the more those resources will grow. Let me repeat: The longer you have- to earn money on your money- the more piles of money you will have 🤑

How much time you have to earn returns will influence your financial growth far more than the dollar amount you save. The difference that time makes is drastic. Let’s look at an example:

Scenario A: Invest $100 per month for 40 years. (Start saving when you’re 30, retire at 70.) 💵

Scenario B: Invest $300 per month for 20 years. (Life happened, couldn’t start saving until age 50.) 💰

Let’s say that in both scenarios, you were able to invest your money at a reasonable 6% rate of return. Which scenario will earn you more money? Well, Scenario B will net you a perfectly respectable $136,694. But Scenario A? You’ve invested one-third as much… but time is the factor that makes this your preferred strategy- with Scenario A, you’ll end up with $191,696! 🤯

Now imagine that you’re saving, say, 10% of your salary- that’s more than $100 per month- well, then your money would grow even more, because money grows at an exponential rate, not a linear one. You’d have a very comfortable retirement, and/or a safety net that gives you complete peace of mind. Time is the factor that makes it easier to save for the future you want 💰

Some people think, or have the impression, that “making it big” requires lots of investment, hitting the right stock purchase at the right time, or luck of some kind. But achieving the future you want doesn’t require that. It requires the right plan, and the results of that plan will be amplified by the value of the time that you have 💹

The next thought that often occurs to people is, Well, it’s probably too late for me; I’m not as young anymore, I have some debt, I’m not a good saver, etc. Stop listening to yourself! I can say with confidence that (A) you’re probably doing better than you think you are, and (B) taking any steps now to help your future, is absolutely going to have better results than if you take those steps five years from now. The difference? Time. So act now, not in five years, to build the future you want 😁

You may not be able to do everything you want financially, but you can always do something: Save a little now, with a plan to save more later; save a little now and even just hope you can save more later! Move into a more tax-advantaged plan; find a safe account where your money can grow with the market but not lose when the market reverses; interview several money people to find someone you trust; get Living Benefits so you can have peace of mind for your family. There are all sorts of littler things you can do. So in order to make the best use of your best asset- TIME- then really start thinking about something you can do now 😄

Now That’s Smart Money 🧐