Skip to site content
The Show

Time and Money – it can be your best friend

I was asked to write a guest post for fivecentnickel.com that will be posted while nickel is on vacation. I decided to base my post on the timeless advice of Warren Buffett and some of his most notable quotes. As I was researching the post I could not help but notice a trend in Buffett’s quotes: growing money takes time and patience.

Most will say they are patient, but with the wild swings of the financial markets and the emotional reactions it is easy to see that most of us are letting this advice fall on deaf ears. Truth is that many enjoy the rewards of investing, but become very unsettled when the market becomes volatile.

On today’s show I provide a few of Warren Buffett’s quotes that focus on the value of long-term investing and patience. Remember time is your friend when it comes to making it through uncertain markets.

Here is an example of a Warren Buffett quote that I use in today’s show, “Someone’s sitting in the shade today because someone planted a tree a long time ago.”. What a visual that quote generates! That quote is a perfect representation of what your mindset has to be in order to generate true financial independence.

A few key stats that I reference in today’s show:

Assuming a 10% rate of return you would need to save the following amounts monthly to accumulate $1,000,000 by Age 65…..

  • 1 Year Old = $14 month for 64 years
  • 10 Year Old = $35 month for 55 years
  • 20 Year Old = $95 month for 45 years
  • 30 Year Old = $263 month for 35 years
  • 40 Year Old = $754 month for 25 years
  • 50 Year Old = $2,413 month for 15 years

The Advantage of Starting Early:

Two friends graduate from college together. One decides that they will start saving immediately, but for only 9 years. The other friend decides that they are going to live for the day and put off saving for 9 years, but once they start they are going to be consistent until the day they retire (35 years). So who will have more money at retirement the friend that invest $18,000 right out of college or the consistent but delayed friend that invests $70,000?

Assuming a 9% rate of return you are going to be shocked by the results…. (listen to the show for the results!)

A Discussion on Unsuitable Insurance:

I close out the show by discussing a phone call I received a few weeks ago from someone who had been sold a bad insurance product that did not fit their financial needs or goals. Please do not think that I am picking on insurance companies because one look at my personal financial profile and you will quickly realize that I use quite a bit of insurance to protect my family. There are plenty of good insurance agents, but there are also those that do not try to understand the needs of their prospects because it is all about the transaction. Listen to the situation that I describe in today’s show, and hopefully you can learn how to spot a good agent from a bad agent. For all of my good insurance agent listeners … I know how this story makes you feel. Believe me there are plenty of bad financial planners out there as well, and because of the bad apples it takes a lot longer to build trust with clients.

Enjoy the Show?

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

How Much Should You Save?

How much of your income can you replace in retirement? You can replace different portions of your income in retirement…

View Resource

The Money Guy Guide to Retirement

Here are 9 insights you don’t want to miss… Whether you are 30 years away from retirement or 5 years…

View Resource

Articles

Why Is Diversification Safer Despite 100% Stock Success?

, ,

Read More

When Is It Okay to Lower Your Investing Rate Below 20%?

, ,

Read More

Exclusive Sneak Peek of Millionaire Mission by Brian Preston

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

FULL HowRealPeopleBecomeMillionaires

How Real People Become Millionaires

Watch Now
LIVE ASK WifeWorkLonger

Should I Make My Wife Work Longer?

Watch Now
FULL HowToBecomeAMillionaire B

How to Become a Millionaire By Age (2024 Edition)

Watch Now