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Planning Procrastination: 5 Ways Delaying Investing Can Set Back Your Finances

“I don’t have the extra money to invest” or “I’ll look into some investments later” are just a couple of the most common excuses we hear people say when it comes to investing in their future, and these little excuses can cost you dearly. Find out how procrastinating on your investment plans can set back your finances with this helpful article. When you’re ready to get started on planning for your retirement, consult the professionals at Maggi Tax for tailored strategies!

1. You Lose Out on Compounded Savings

You know how the longer you take paying back loans, the more you’re paying in interest charges? The same works the other way around. The sooner you start saving for your retirement, the more you’ll receive back on interest. This becomes a snowball effect where the earnings you make on interest will increase your total savings, thus resulting in even more money earned through interest.

How Else Can I Maximize My Savings?

Getting started on your retirement fund as soon as possible is already a step in the right direction, but smart investors open up multiple 401(k)s and other retirement accounts to stack numerous sources of compounding interest.

2. You Could Miss Your Target Goal

When you’re in your mid-twenties, it’s easy to think that you have your entire life ahead of you to worry about your retirement. While that’s technically true, time flies before you know it. The longer you wait to start investing, the more unlikely it will be to meet your goals on time. This is the case with anything, whether you’re saving up to buy a house, setting yourself up for an easy retirement, and so on. There’s no better time than the present to ensure your future!

3. Your Late Savings Might Not Be Able to Keep Up with Inflation

Inflation is a major savings-killer, making your hard-earned pennies feel completely worthless. The best way to account for inflation is to get a head start on your retirement funds. Remember what we said about compounding interest earlier? All of that extra cash that you’ll be making can help offset the inevitable increase in inflation by the time you decide to retire. Once you open up your savings account, it will be easy to make any necessary adjustments as you see fit like increasing your contribution percentage or making additional payments.

4. You’ll Miss Out on Stock Market Activity

Do talks of the stock market seem like a foreign language to you? Once you dip your toes and make yourself comfortable in the stock market scene, you’ll be able to take advantage of great money-making opportunities that would have passed by your radar completely unnoticed. It’s worth it to familiarize yourself with the world of stocks and become active in this area of investing so you don’t miss any more golden chances at making extra cash.

5. You Could Be Hurting Your Loved One’s Future

If you have a family, delaying your investments can have a severe impact on them as well. Any amount that they may inherit is up to how much work you put in until that point, and if you start late, it might not be enough to help them out after you’re gone. No one knows their own fate which is why you should never assume that you’ll be around to start investing years in the future.

Consider this:
Some of the best assets you can leave behind for inheritance are non-liquid investments that improve quality of life like a house or any sort of real estate.

Find an Investment Plan That Works For You! Leave it to Maggi Tax

Not sure where to begin with investments? Let Maggi Tax guide the way with custom investment planning! Call our friendly team today at (727) 799-1701 to schedule your free consultation and start securing your future.

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