Get this: you could score over $1 million by age 62 if you start investing $5,000 a year into the stock market at age 22.
That’s assuming a 7% annual return, a rather conservative estimate.
If you wait ten years to invest and start putting a way $5,000 at age 32, you’ll only have $500,000.
“Compound interest is the best thing ever, said Samantha Azzarello, global market strategist with JPMorgan Asset Management, during TheStreet’s webinar Investing Strategies for Millennials. “It means that investing early is really key.”
Check out our entire millennial investing roundtable here.
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