top of page

It's Never Too Early, But Never Too Late

Writer's picture: Joe WoodhouseJoe Woodhouse

OK, we’ve spoken about compound returns before, which is basically interest on interest.


Today you invest £100, it grows at 10% in a year you’ve got £110 then the year after you get an extra 1 by reinvesting the 10 (or the profit.) - that’s compound returns.


And the longer you invest for on a regular basis, say for your retirement, the more you’re gonna invest and the longer it has to gain compound returns. Which means the bigger pot and therefore the bigger pension. Simple maths.


So the earlier you start putting money away religiously on a regular basis the better, makes sense? Great.


On the flip side. It’s never too late, providing, you actually start. I talk about your earnings window - this is how many pay days you have until you want to stop working.


So in 10 years, you have 120 pay days left. If you leave it for 6 months you’ve got 114 pay days left and so on and so forth. So the message is, do something now, it’s never too late to start today.


And the whole reason for this for this article, is that I received an email this morning from someone Ive spoken to that basically said "I can’t hit my target so what’s the point" (Yeah... I know)


The guy’s in his early 50s, he’s been working for 30 years at various high positioned well paid jobs, not saved a bean and has all the excuses under the sun:


  • Divorce "she took half" - half of nothings not a lot.

  • "I need to pay Maintenance" - they’re your kids, you created them so you’re responsible for them

  • "Property market crashed" 1. When? And 2. you don’t own any properties!?

When in reality all he’s done, is spent too much money. For his entire life, that’s it.

Yet this guy wants to stop working in 10 years on a similar sort of income to what he’s on now. Yet his answer, is pretty much the same answer what he’s had for the past 30 years, do nothing.


I think some people need a reality check. We need to realise that nobody is coming to take care of us. The Government aint gonna look after you, especially if you’ve been an expat for donkeys years because you’ve not been paying into the system, so why should they prop you up because you’ve been a prat with your money?


Cos where do you think that Government money comes from? Tax payers, it’s your neighbours, your family members, your butcher, baker, candlestick maker that have paid into the system all their life. Why should they have to pay to support you because you pissed everything up the wall?


And do you really want your kids to have that burden, all because you weren't responsible enough to take of yourself? Which one of you’s supposed to look after the other?


Anyway rant over, so what can you do?

Well

1. Grow up

2. Work out how many pay days you’ve got left until you want to stop working and what you want at that point.

3. Start putting a percentage of your salary away, on a regular basis, but do it religiously , and make it automated, there’s this amazing little tool banks use called a standing order, and it’s made more millionaires than what warren Buffet has.


Thanks for reading,



Recent Posts

See All

Comments


JOIN our World Famous Weekly Emails

Thanks for submitting!

© 2023 by Joe Woodhouse

Web Site Terms and Conditions of Use1. TermsBy accessing this web site, you are agreeing to be bound by these web site Terms and Conditions of Use, applicable laws and regulations and their compliance. If you disagree with any of the stated terms and conditions, you are prohibited from using or accessing this site. The materials contained in this site are secured by relevant copyright and trade mark law.2. Use LicensePermission is allowed to temporarily download one duplicate of the materials (data or programming) on Joe Woodhouse's site for individual and non-business use only. This is the just a permit of license and not an exchange of title, and under this permit you may not:modify or copy the materials;use the materials for any commercial use , or for any public presentation (business or non-business);attempt to decompile or rebuild any product or material contained on Joe Woodhouse's site;remove any copyright or other restrictive documentations from the materials; ortransfer the materials to someone else or even "mirror" the materials on other server.This permit might consequently be terminated if you disregard any of these confinements and may be ended by Joe Woodhouse whenever deemed. After permit termination or when your viewing permit is terminated, you must destroy any downloaded materials in your ownership whether in electronic or printed form.3. DisclaimerThe materials on Joe Woodhouse's site are given "as is". Joe Woodhouse makes no guarantees, communicated or suggested, and thus renounces and nullifies every single other warranties, including without impediment, inferred guarantees or states of merchantability, fitness for a specific reason, or non-encroachment of licensed property or other infringement of rights. Further, Joe Woodhouse does not warrant or make any representations concerning the precision, likely results, or unwavering quality of the utilization of the materials on its Internet site or generally identifying with such materials or on any destinations connected to this website.4. ConstraintsIn no occasion should Joe Woodhouse or its suppliers subject for any harms (counting, without constraint, harms for loss of information or benefit, or because of business interference,) emerging out of the utilization or powerlessness to utilize the materials on Joe Woodhouse's Internet webpage, regardless of the possibility that Joe Woodhouse or a Joe Woodhouse approved agent has been told orally or in written of the likelihood of such harm. Since a few purviews don't permit constraints on inferred guarantees, or impediments of obligation for weighty or coincidental harms, these confinements may not make a difference to you.5. Amendments and ErrataThe materials showing up on Joe Woodhouse's site could incorporate typographical, or photographic mistakes. Joe Woodhouse does not warrant that any of the materials on its site are exact, finished, or current. Joe Woodhouse may roll out improvements to the materials contained on its site whenever without notification. Joe Woodhouse does not, then again, make any dedication to update the materials.6. LinksJoe Woodhouse has not checked on the majority of the websites or links connected to its website and is not in charge of the substance of any such connected webpage. The incorporation of any connection does not infer support by Joe Woodhouse of the site. Utilization of any such connected site is at the user's own risk.7. Site Terms of Use ModificationsJoe Woodhouse may update these terms of utilization for its website whenever without notification. By utilizing this site you are consenting to be bound by the then current form of these Terms and Conditions of Use.8. Governing LawAny case identifying with Joe Woodhouse's site should be administered by the laws of the country of The United Arab Emirates without respect to its contention of law provisions.General Terms and Conditions applicable to Use of a Web Site.Privacy PolicyYour privacy is critical to us. Likewise, we have built up this Policy with the end goal you should see how we gather, utilize, impart and reveal and make utilization of individual data. The following blueprints our privacy policy.Before or at the time of collecting personal information, we will identify the purposes for which information is being collected.We will gather and utilization of individual data singularly with the target of satisfying those reasons indicated by us and for other good purposes, unless we get the assent of the individual concerned or as required by law.We will just hold individual data the length of essential for the satisfaction of those reasons.We will gather individual data by legal and reasonable means and, where fitting, with the information or assent of the individual concerned.Personal information ought to be important to the reasons for which it is to be utilized, and, to the degree essential for those reasons, ought to be exact, finished, and updated.We will protect individual data by security shields against misfortune or burglary, and also unapproved access, divulgence, duplicating, use or alteration.We will promptly provide customers with access to our policies and procedures for the administration of individual data.We are focused on leading our business as per these standards with a specific end goal to guarantee that the privacy of individual data is secure and maintained.

bottom of page