The allure of quick cash can be too overwhelming for many people, but a local financial advisor is shining a light on the power of patience.
On a recent episode of WOMT’s Financial Health program, Jason Weier of Weier Wealth Management asked co-host Jim Medley a simple question.
Would you rather take $1 million right now, or start with a penny, and over the next 30 days, allow it to double each day?
Like many of us, Jim took one look at the instant payout of $1 million and couldn’t say no.
But, Jason did the math, revealing, “Day one, one penny. Day two, two pennies. Day three, four pennies. Day four, eight pennies. Day five, you’re up to $0.16. Day ten, $5. Day 15, $163. Day 20, $5,200. Day 25. You’re up to $167,000. Day 30, $5,368,000.”
It all comes down to compound interest, and why sometimes the best financial plan is to simply be patient.
Weier noted that’s the same thing he tells all of his clients.
More often than not, it is the wiser choice to diversify your portfolio rather than try to hit it big on one stock.
For more financial advice, tune into 1240 WOMT at 11:20 every Monday morning, or visit SeehaferPodcasts.com.
