Mellody Hobson

And I would just encourage you, even with living as tightly as you probably are, find a way to forego something that doesn't make you feel totally deprived. But if you could forego it occasionally, you could put away a little extra money. So, you know, if you get your lunch at work, one day you take a sandwich or two. You know, I can go down the list of those sort of things.

And I would just encourage you, even with living as tightly as you probably are, find a way to forego something that doesn't make you feel totally deprived. But if you could forego it occasionally, you could put away a little extra money. So, you know, if you get your lunch at work, one day you take a sandwich or two. You know, I can go down the list of those sort of things.

Something that you say, I'm going to miss or skip this time so that I can put this money away.

Something that you say, I'm going to miss or skip this time so that I can put this money away.

Something that you say, I'm going to miss or skip this time so that I can put this money away.

and then again the magic of compounding warren buffett calls it who who's one of the greatest investors of all time the eighth wonder of the world it really really can make a difference there's something i'll just give it to you quickly so you can think about it called the rule of 12. you may have learned that in school so the rule of 12 says if money compounds 12 a year in five years it doubles

and then again the magic of compounding warren buffett calls it who who's one of the greatest investors of all time the eighth wonder of the world it really really can make a difference there's something i'll just give it to you quickly so you can think about it called the rule of 12. you may have learned that in school so the rule of 12 says if money compounds 12 a year in five years it doubles

and then again the magic of compounding warren buffett calls it who who's one of the greatest investors of all time the eighth wonder of the world it really really can make a difference there's something i'll just give it to you quickly so you can think about it called the rule of 12. you may have learned that in school so the rule of 12 says if money compounds 12 a year in five years it doubles

So if you have $1,000 and it compounds at 12%, you have 2,000. So then you do 6%. Let's even be more conservative. So it would double in 10 years. So, you know, if you had $1,000 in 10 years at 6%, it would double. It's a way of you thinking about money that you're putting away And saying to yourself, because you're so young, over a long period of time, the stock market has returned 10% plus.

So if you have $1,000 and it compounds at 12%, you have 2,000. So then you do 6%. Let's even be more conservative. So it would double in 10 years. So, you know, if you had $1,000 in 10 years at 6%, it would double. It's a way of you thinking about money that you're putting away And saying to yourself, because you're so young, over a long period of time, the stock market has returned 10% plus.

So if you have $1,000 and it compounds at 12%, you have 2,000. So then you do 6%. Let's even be more conservative. So it would double in 10 years. So, you know, if you had $1,000 in 10 years at 6%, it would double. It's a way of you thinking about money that you're putting away And saying to yourself, because you're so young, over a long period of time, the stock market has returned 10% plus.

That would actually be possible for you. So it's not fantastical or magical thinking. And the thing about the doubling, so let's just say it's the $1,000 that grows at 6%, that's $2,000 in 10 years. It's $4,000 in 20 years. it's $8,000 in 30 years, $16,000 in 40 years. Now think about that as if you were putting away money in a 401k plan or something like that. And you start off with 10,000.

That would actually be possible for you. So it's not fantastical or magical thinking. And the thing about the doubling, so let's just say it's the $1,000 that grows at 6%, that's $2,000 in 10 years. It's $4,000 in 20 years. it's $8,000 in 30 years, $16,000 in 40 years. Now think about that as if you were putting away money in a 401k plan or something like that. And you start off with 10,000.

That would actually be possible for you. So it's not fantastical or magical thinking. And the thing about the doubling, so let's just say it's the $1,000 that grows at 6%, that's $2,000 in 10 years. It's $4,000 in 20 years. it's $8,000 in 30 years, $16,000 in 40 years. Now think about that as if you were putting away money in a 401k plan or something like that. And you start off with 10,000.

You can see how the map just gets to be so compelling.

You can see how the map just gets to be so compelling.

You can see how the map just gets to be so compelling.

Can I give you one important point? So I gave a graduation speech. A few years ago, actually during COVID, I did a Zoom graduation speech and I did it on something. I said, you know, no one does a commencement address about money. Yeah, that's what I did. Yes. And I made one comment to the graduates and I'm going to say it to you. Select a date certain. You pick whatever date you want.

Can I give you one important point? So I gave a graduation speech. A few years ago, actually during COVID, I did a Zoom graduation speech and I did it on something. I said, you know, no one does a commencement address about money. Yeah, that's what I did. Yes. And I made one comment to the graduates and I'm going to say it to you. Select a date certain. You pick whatever date you want.

Can I give you one important point? So I gave a graduation speech. A few years ago, actually during COVID, I did a Zoom graduation speech and I did it on something. I said, you know, no one does a commencement address about money. Yeah, that's what I did. Yes. And I made one comment to the graduates and I'm going to say it to you. Select a date certain. You pick whatever date you want.