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Despite what many people think, the number one financial dream killer isn't portfolio losses, or financial emergencies, or unemployment, and not even natural disasters. The number one reason people fail to reach their financial goals is procrastination - putting off the inevitable until the cost of your dreams or goals become prohibitively expensive.
What is lost on most people is that time truly has value. The more time you have, the less costly your financial goals. Yet, it is a diminishing resource. A Conference Board of Canada survey* revealed that nearly 60% of people who are within 10 years of retirement do not have sufficient assets to generate enough income for their lifetime. They are fast running out of time, and will likely have to delay retirement for a while.
If you were to start saving $5000 a year today and were able to earn 6% for 20 years, you would accumulate over $194,000. If you procrastinate and start your savings 10 years from now, you would have to save nearly $14,000 per year to accumulate the same amount. The cost of waiting is almost $9,000 a year!
* Conference Board of Canada, October 2014
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