If you want to avoid arguments with family, friends and (especially) co-workers, the expression “don’t make a mountain of a molehill” is sound advice.
But, when you’re starting to invest, it’s not very good advice at all!
When it comes to investing, a “mountain” of savings is achieved over the long-term by gathering the “molehills” on a day-to-day basis.
If you have $1,000 to invest and are prepared to save another $5 each day, you’ve got the means to have a mountain of a portfolio in just a few years.
You’ll be surprised just how quickly your savings can grow.
If you started today with $1,000 and added $5 a day, you could have over $11,000 in just five years.
How could you get to $11,000 in just five years, you ask? The combination of a $1,000 initial deposit and a monthly savings plan of $150 (which works out to just $5 a day) over the course of 5 years adds up to $10,000. The remaining $1,000 is a combination of market returns (we’ve assumed 5% annually) and the power of compounding.
The real secret to growing your savings into a mountain is this: Get started today!
A mountain doesn’t just happen on its own; you’ve got to get the ball rolling. But, with as little as $1,000 to start, and a commitment to adding a little more each week or month, you’re ready!
How can you reach the top? That’s easy. Let RBC InvestEase do the legwork for you.
Create your personalized investment plan now. And if you’re ready, start investing with just $1,000.Get Started
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