I was just pondering over how what we do today has such a large effect on what happens to us in the future, and I remembered something:
The year was 1995. I was a first year teacher who was fresh out of college and eager. A life insurance agent was coming around to each teacher in the building and discussing the perks of owning life insurance.
What he was actually doing was selling a whole life annuity product.
I listened to the Brotha because he seemed like a nice guy. I was very young and naive when it came to money, but it was early in my teaching career, and I was ripe for learning. He sat me down in my classroom after school and showed me something called compound interest, and a table that calculates the potential growth of my money, if I decide to start investing in his whole life annuity product. I was blown away, and I purchased the whole life policy with an annuity, which I later traded in. But the seed was firmly planted.
Some might say that was the moment that "Smart Money Bro" was born! What he did was introduce me to something I'd never seen before - the growth of money using compound interest! I was hooked. Long story short - I started investing in long term pre-taxed investment vehicles at age 25, and never stopped. That was over 20+ years ago. He was able to show me that the old me, not only needs the young me, but is solely relying on the young me, and that my financial future was 100% reliant upon the steps I took that day, in 1995!
"Compound interest is the 8th wonder of the world " - Albert Einstein