START SAVING EARLY & 10 YEARS SAVINGS WILL BE A NEST EGG! Compound interest (which is essentially interest earned on interest over time) makes your investments grow faster than it would normally. To really benefit from compound interest you must start saving early. If you have young children, or are just about to give birth, dont underestimate the value of saving their first few years child allowance. Your child could have a pension worth €276,000 by the time he/she reaches 70 if you save his/her first 3 years child benefit payments! If holding onto these savings until your child reaches age 70 seems totally unrealistic - perhaps a savings timeframe of 18 - 20 years may be more appropriate so at least those expensive college years are covered!!! Contact Cantwell Financial Advisors to get more information on various savings options that are currently available.
Posted on: Wed, 14 May 2014 21:48:03 +0000
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