Next week I have a meeting at the Bank to setup an RRSP account.
Time is the most precious thing given to us. Every second that goes by is one that you’ll never experience again, never have the change to change or do over. In the grand scheme of things each of us don’t really get much time to play with, so as the old saying goes “Seize the Day!”
The power of compount interest is, according to Einstien, is the most powerful force in the universe. But it is dependant on time. Knowing what I know now about money, I would have put away money when I was 15 into an RRSP. $3000 a year for 10 years. then I could stop saving money, and still retire a millionaire.
Now at age 25, I’m going to have to max out my RRSP Contributions (about $14 000) for the next 40 years in order to retire with my goal net worth of $5 000 000.
With that perspective it seems clear that I’m going to have to develop at least one other stream of income.
I would try to get into investing, but I’m going to need a more serious amount of cash before I can seriously invest it for income.
The real solution is to start selling something on the side. Build up some investment capital and then not touch it.
The sad truth is that good business ideas are easy to come by. Executing them sucessfully is something that I haven’t had much success with. The reason is because I rarely dedicate enough time to keep the project going, keep the momentum up, and get to the point where the thing is completed and bringing in steady money.
So I’m going to attempt to cure my laziness by dedicating 1 hour per day to a business idea until I know it won’t work or it continues to make money without my input.