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I made an interesting observation today when working on my 8 year plan to retirement.

We didn't start saving for retirement until we were 35. We bought a house at age 34.

It's taken us 14 years to pay the house off and save $250k. If we roll the principal and interest into our current retirement savings, and increment our savings by $3k per year, we will hit the million mark in 7.5 years. This is assuming a 5% annual return on our investments.

I can see why that first million is the hardest to make. Once that next egg becomes sizable, the magic of compounding interest really kicks in.

Hang in there everyone,

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