Save Early and Often
a simple yet powerful piece of advice he received from his mother.
"She told me to always save 10% of everything you bring in," O'Leary shared. "Whether it's a gift from your grandmother, your earnings at the ice cream store, or money from cutting lawns, save whatever you can. Everybody can do it."
This philosophy of consistent saving, regardless of the amount, forms the foundation of O'Leary's financial success. He emphasizes that even small amounts saved early on can grow significantly over time through the power of compounding.
O'Leary further illustrates the impact of compounding by using a hypothetical example. Assuming an average annual salary of $60,000 and consistent savings of 15%, he estimates that an individual could accumulate $1.5 million by retirement. This impressive figure highlights the potential of long-term investing and the importance of starting early.
While O'Leary's advice focuses on saving, it's crucial to remember that everyone's financial situation is unique. Consulting a financial advisor can help you develop a personalized plan that aligns with your specific goals and needs.