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Do you think you're too young to start financial planning? Let me shar...
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#497
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Sometimes people say to me, I'm too young to start a pension or look at financial planning or even worry about any of that stuff. Sure, let's just live for today. My nephew, Shawnee, at the time of this story was 15 and 3-quarters. Liven and Sydney, and he had just been offered his first job and he was going for a big supermanager. He called me up and he said, oh, they want me to join the pension scheme. Should I? I said, right, let's do the match, Shawnee. And the match we worked out was he was going to be making 150 bucks a week. That's what he was going to be coming home with every week. He was doing 10 hours a week, 15 bucks an hour, 150 bucks a week. And if he post 20 bucks a week into his pension, they put 10 into his pension. So 30 bucks a week. And I said, Shawnee, you should really do that. He says, pension. I'm going to be like, old when I'm going to look on for that. So we did the match and the match blew him away. Now I want you to imagine 30-quit a week every week from 15 years of age, let's call it a 65 years of age. The average pension pot in Ireland retirement age is around 120,000 euros. Ask yourself right now, how much do you think Shawnee would have in his pension if he did a 30-quit a week from 15 to 65? Think about it, how much do you think he might have? Because if markets perform in the next 50 years, as they had performed in the last 50 years, that 30-quit a week would be a lot of money. The average rate of the year would be around 20-quit a week would turn into 2.2 million euro. What did Shawnee do? You left the job about six weeks later and never started the pension.