Some retirement planning experts have suggested that people should begin thinking about retirement when they are still in college. It is certainly true that you can never start saving too soon.
The quality we know as “wisdom” is often thought of as being the exclusive domain of those who have a considerable amount of life experience. This may be true to some extent, but sometimes young people can make wise decisions as well.
When you do the math you have a considerable amount of time to accumulate financial resources if you get started early on.
If you work within a budget that divides what you need in the present from the savings that you are putting aside for the future your long-term efforts will invariably pay handsome dividends.
It is a good feeling to be able to tell your kids that they can go to the colleges or universities of their choosing without financial restraints. And, we all want our children to succeed. When we lead by example the things that we say have a lot more weight.
And of course, your retirement is going to be beckoning once your children are grown, and you are making choices today that determine just how much financial freedom you are going to have during your golden years.
The window of opportunity is fleeting. Time is the ally of the young, but if you wait too long to get started working within a cogent financial framework you may not have time to catch up later on when that elusive quality of wisdom is finally acquired.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.