by Tom Bradley
We live in a high-octane consumption society. We need the latest iPhone, a newer car, and just one more baseball cap. Saving for the future is often an afterthought.
If you’re like me, you have a few too many pairs of shoes. In the age of specialized footwear (I saw a nice pair for apres-golf), there’s always a reason to add a cool, new pair. But when you’re contemplating that next pair of kicks, here’s a little mind exercise for you.
You can spend $250 on the shoes.
Or you can invest the money in your TFSA. After 20 years of averaging a return of 8%, your $250 will have grown to $1,165.
Even small contributions can have a big impact over time, especially when made regularly. Albert Einstein called the power of compounding the 8th Wonder of the World. I wonder what kind of shoes he was wearing when he came up with that.
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