How long do you expect to live? With the growth in technology, it might be longer than you think…
Edelman says technology will soon keep humans healthier longer, enabling us to live decades beyond our current lifespans, he told Business Insider in a recent Facebook Live interview.
As a result, we will eventually adopt cyclical life patterns, where we “engage in learning, employment, and leisure, on a repeating cycle” for our entire lives.
It's possible that you're thinking… how can I afford to live an active life for that long? Which is a pretty important question since we're used to retiring at 65.
(if that wasn't your first thought, no worries, it wasn't mine either).
But here's the cool thing: using compounding interest it shouldn't actually be very difficult to afford an extra few decades of life…
“One of the advantages of saving money for 50 years, 60 years, 70 years, is that you take advantage of the power of compounding,” Edelman said. “You'd be amazed at how much a dollar will grow in value if you let it grow for 60 years, something nobody in history has ever done.”
Taking advantage of compound interest can be easy if you work smart. Just look at legendary investor Warren Buffett, who knows all about the power of compounding. In fact, it's crucial component of the strategy behind his $75 billion fortune.
“The biggest thing about making money is time,” Buffett said in a recent HBO documentary about his life. “You don't have to be particularly smart, you just have to be patient.”
Ultimately, the earlier you begin to save or invest, whether it's in a retirement account or the stock market, the more time your money will have to earn interest on itself.
“So don't worry about how hard it is to accumulate wealth,” Edelman said. “All you need to do is step number one: start to save, and start to save now.”
For more, visit businessinsider.com
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