Saving early and consistently is the most powerful financial advice for young people offered by Katie Nixon, the chief investment officer at Northern Trust Wealth Management.
Starting early helps savers take advantage of compound interest, which basically means letting both the balance and older interest payments earn even more interest over time.
It’s costly to start late and then try to play catch up.
It’s just two words: compound interest.
Understanding the power of this concept, and more crucially, putting it to work by saving, is crucial to building wealth over time, according to Katie Nixon, the chief investment officer at Northern Trust Wealth Management, which has $287 billion in assets under management. The firm’s clients include 20% of Forbes’ 400 wealthiest Americans, private businesses, and individuals. See the rest of the story at Business Insider
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