Young people today are bombarded with consumerist imagery across advertising and social media, fueling a “YOLO” (you only live once) mentality. But when the desire for instant gratification leads to people spending above their means, it’s disastrous for long-term financial well-being.
A disciplined budget combined with prudent and consistent investing are the building blocks for financial stability throughout one’s life. This approach guides a person through the ups and downs of financial markets, allowing savings to grow over time.
That is where the magic happens: Time really is money when it comes to compound interest. It’s been said that the person who understands compound interest earns it, and the person who doesn’t, pays it. If you can get yourself on the right side of this equation, you will be thanking yourself, rather than growing more worried, as you age.
It’s never too late to start investing for your future. Even small, consistent deposits into an investment account will grow meaningfully over the course of your life. Each budget and investment plan will be unique, but the sooner you invest and do so consistently, the sooner you will be on the path to financial peace of mind.
Visit kofc.org/familyfinance for additional information and resources.
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NICK GENTILE, CFA, is a portfolio manager at Knights of Columbus Asset Advisors and a member of Msgr. Joseph Fitzgerald Council 14014 in Huntington, Conn.








