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Name: Cary Carbonaro, MBA, CFP
Website: The Money Queen’s Guide
Entry Category: Retirement and Investing
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Hi, my name is Cary Carbonaro. I’m the author of The Money Queen’s Guide for Women Who Want to Build Wealth and Banish Fear. Here’s my one-minute tip for millennials investing. They always ask me when is the best time to invest? I say as soon as possible. The thing that you have on your side is time. Time is money when it comes to compounding interest. For example, let’s say you received an inheritance or windfall, $100,000 at age 21. That $100,000 invested over time by the time you’re 65 years old, would be worth—take a guess—$2.4 million. That is million dollars, not $240,000. That’s at 7.5% and it’s the power of time and compounding.