Earning and investing just one extra hour of pay per week can make a huge difference, even if you only earn minimum wage.
Let’s say you are 20 years old and your current job pays your Current Self $11.40 per hour. If you take this one hour of pay and supercharge it by investing it in an all-equity portfolio earning 8% after financial advisor and investment costs, your 30-year-old Future Self will have $24.50 for that original single hour of pay.
If you can convince your Current Self to leave it invested for 20 years, your 40-year-old Future Self will have $53 for that original single hour of pay.
Even better, if you can convince your Current Self to leave it invested for 30 years, your 50-year-old Future Self will have $115 for that original single hour of pay.
Tell your Current Self to either earn or save an extra $11.40 per week, and remember that you are really earning your 30-year older Future Self $115 per hour – now it is much easier to get motivated to either earn or save an extra hour of pay!
And remember, if you earn more than minimum wage, the benefit is proportionately larger, and therefore you will be even more motivated to earn or save that extra hour of pay per week.
For example, if you make $30 per hour today, and you invest it at 8% for 30 years, your Future Self will have $302!! Think about how a few extra hours of work and investing can grow.