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Page THE HEKALDOUTLOOK Saturday November IT The time to start a saving plan is now Jim and Jerryl Theyve been lifelong friends both went to university together graduated from the same engineering course found similar jobs which paid quite well married bought homes raised families etc But this year both reached the age of 65 and their respective companies have a policy of retir ing employees at that age Jim is looking forward to retirement Jerry is dreading it Why Both had the same compantive lifestyles both had saved the same amount of their income but by different methods but one was wealthy Jim and the other had just enough to keep the wolf from the door Jerry What made the difference Jim started saving from the first day that he started working Jerry started saving heavily later in life after he had put bis children through school and after his house was paid for Jim decided to save 10 of what he earned from day one Ad mittedly he was only earning per year so was Jerry years ago but that was an average income then So he saved the first year and he con turned to save 10 of what he earned all through those years even when he was paying off his house and educating his children In order to do some mathematics for our fictional friends lets assume that their average income was 20 for all those years Based on this average lets look at what the results would be Jim would have saved of that per year or per year Sure it was hard especially OFFICE MAGIC FOR ALL YOUR OFFICE STATIONERY NEEDS St Georgetown Mam Street South Downtown Georgetown 8731470 if SHOPPING SPREE VALUE STORE BANFF Your Banff Ski Vacation includes Coach transfers from Calgary airport to Banff Selected hotel accommodation day pass for l week package Additional ski passes purchased locally In area lift tickets are valid at Sunshine and Lake Louise One free night skiing ticket for Mt Welcome Reception from DID CANADA ROUND TRIP FROM AIRFARE STREET GEORGETOWN 877 SHOPPING SPREE VALUE STORE WE HOOKED A BARGAIN FOR YOU SHRIMP RING 99 8770721 STEAK EXPRESS Blxl St Centre Georgetown ITS YOUR MONEY Paul J Rocktil when he was paying off his house but he took a 25year amortiza tion to keep his payment lower and to be able to save Jerry on the other hand took a 15year mortgage with higher payments because he wanted to clear the mortgage in a hurry and then start to save Jim put his savings into mutual funds some of the good funds have averaged 15 average an return over the long term At per year Jim would have saved in the 40 years At an average return of his value at retirement would be 3558180 No wonder hes looking forward to retire ment Jerry on the other hard was busy making heavier payments on his mortgage and paying for his childrens education Jim paid for his kids education too He was 50y earsold when everything was cleared and then he really concentrated on building his future retirement funds Jerry started saving 33 a year for the next years This amount totalled Thats the same amount that Jim saved But Jerrys value at age was Jim had well over million more What a difference Jerry had fallen prey to the Ill start saving when everything is paid off syn drome and thereby had lost the most valuable asset of all in building wealth namely time Jim had started saving when he started working at the age of 25 Each day that you or I do not save that or is lost and even if we save double that amount the next day or later as Jerry did there is no way that we can buy yesterday back Thats why we say start saving the day you start work or the day that you read this article no mat ter what your age Put tune to work for you Dont be another Jerry For more information on sav plans contact Peter MBA Regal Capital Planners Ltd 10 Drive Georgetown Ontario or phone 7216 Paul J is the author of the best seller Why I Invest in Mutual Funds and President of Regal Capital Planners Ltd ONE DAY ONE TIME ONLY ONE LOCATION ACHILLES MAZDA HUGE MAZDA CLEARANCE SATURDAY NOVEMBER 17 9 6 PM Everything will be priced to sell You cannot afford to miss this one BRING A FRIEND sr not seen TELL A FRIEND WE WELCOME ALL TRADEINS Achilles Motors Ltd 357 Queen St East Halton Hills ACTON Ontario 519 8530200 4164538965 A ACHILLES ACTON ONLY A SHORT DRIVE TO ACHILLES