{"id":57740,"date":"2019-09-27T20:28:00","date_gmt":"2019-09-27T20:28:00","guid":{"rendered":""},"modified":"2024-06-13T12:55:52","modified_gmt":"2024-06-13T16:55:52","slug":"young-smart-time-may-be-your-moneys-best-friend","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/investing-basics\/young-smart-time-may-be-your-moneys-best-friend\/","title":{"rendered":"Young &amp; Smart: Time May Be Your Money&#8217;s Best Friend"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\">\n\t\t\t\t\t\t\t<span>Savings<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Young &amp; Smart: Time May Be Your Money&#8217;s Best Friend<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Alexandra Macqueen, CFP<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Young__26_Smart_Thumbnail-default-2-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A young man and his dog jumping for joy\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Young__26_Smart_Thumbnail-default-2-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Young__26_Smart_Thumbnail-default-2-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Young__26_Smart_Thumbnail-default-2-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Young &amp; Smart: Time May Be Your Money&#8217;s Best Friend &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/investing-basics\/young-smart-time-may-be-your-moneys-best-friend\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/investing-basics\/young-smart-time-may-be-your-moneys-best-friend\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published September 27, 2019 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>The news spread like wildfire through the nonprofit&#8217;s corridors: A $6 million USD donation had just landed on their doorstep \u2014 the biggest contribution ever to the small social services agency.<sup>1<\/sup> Where had it come from: a large corporate foundation? A wealthy philanthropist?<\/p>\n\n\n\n<p>\u201cWe were all agape, just blown away,&#8221; said David Garza, the executive director of the Henry Street Settlement organization in New York City&#8217;s Lower East Side, after discovering the identity of the benefactor. The person behind the gift was Sylvia Bloom, a legal secretary who had worked at the same job for 67 years and took the subway to and from work each day.<\/p>\n\n\n\n<p>Sylvia Bloom had amassed a portfolio of more than $8.2 million USD while earning a modest income as a secretary. She made modest \u2014 but regular \u2014 deposits to an investment account the entire time she was working.<\/p>\n\n\n\n<p>Ms. Bloom&#8217;s story illustrates how, &#8220;Mighty oaks from little acorns grow.&#8221; Building wealth isn&#8217;t limited to people who start out wealthy, make large contributions, or who have special skills. Instead, the ingredient of &#8220;time&#8221; when added to a portfolio, may lead to financial success.<\/p>\n\n\n\n<p>The factors contributing to Ms. Bloom&#8217;s savings include starting early, making regular contributions over time, and staying invested. How can you apply those elements to your own investment strategies?<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-4-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-black-tint-color has-text-color\">This story shows that building wealth isn&#8217;t limited to people starting with outsized amounts, making large contributions, or even relying on special skills or exceptional market gains. Instead, relying on the ingredient of &#8216;time,&#8217; or compounding, added to a portfolio can contribute to financial success.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The importance of starting early<\/h2>\n\n\n\n<p>The most important element in Ms. Bloom&#8217;s investing strategy was the amount of time she spent building her wealth. Starting early allowed her modest earnings to compound over time \u2014 so the gains her initial contributions earned were re-invested, rather than being withdrawn and spent or left in cash.<\/p>\n\n\n\n<p>You may have heard the saying that, \u201ccompound interest is the most powerful force in the universe,&#8221; and Ms. Bloom&#8217;s example is evidence for that claim.<\/p>\n\n\n\n<p>You may also be thinking, however, that your own investment time horizon is shorter than her 67 years. But Ms. Bloom started investing when she was 29. If you&#8217;re 25 or 35 years old, you might live for another 70 or 60 years \u2014 meaning you might, in fact, be investing for nearly as long as Ms. Bloom.<\/p>\n\n\n\n<p>Starting early may give you a potential advantage over those who start later. Time is an asset that older investors simply can&#8217;t match.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-4-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-black-tint-color has-text-color\">Whether you have another 40, 50, or 60 years to invest, there&#8217;s no dispute that investors who start early have a potential advantage over those who start later. For the younger investor, time is an asset that older investors simply can&#8217;t match.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How making regular contributions can build wealth<\/h2>\n\n\n\n<p>Second in importance after starting early is regular contributions over time, or the impact of developing a disciplined plan for contributing to your investment portfolio.<\/p>\n\n\n\n<p>In practical terms, this can be setting up a pre-authorized contribution from your bank account or paycheque so contributions are made automatically, without requiring any hands-on action on your part. In contrast, putting off your investment plans \u201cuntil you have extra money,&#8221; are older, or are earning more may not be the optimal strategy.<\/p>\n\n\n\n<p>If you&#8217;ve got time on your side, build on the momentum you&#8217;ve established by <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/investment-advice\/invest-regularly.html\">contributing regularly<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why staying the course can pay off over time<\/h2>\n\n\n\n<p>The final factor in leveraging your long-time horizon is \u201cstaying the course.&#8221; This means letting time and compounding work on your portfolio.<\/p>\n\n\n\n<p>Of course, this doesn&#8217;t mean you should never spend any money. Instead, make sure you have strategy that takes your short- and long-term goals into account; then make sure the money devoted to your long-term goals stays invested. In that way, those dollars can act like the \u201clittle acorns&#8221; funding your future goals.<\/p>\n\n\n\n<p>If the idea of an investment plan and strategy \u2014 or even the notion of identifying your short- and long-term goals \u2014 sounds overwhelming, a <a href=\"https:\/\/www.rbcroyalbank.com\/investing\/myadvisor.html\">financial advisor<\/a> may help with ideas to help get you where you want to go.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Leveraging your biggest asset<\/h2>\n\n\n\n<p>In some respects, the story of Ms. Bloom&#8217;s situation is extraordinary: the amount she saved, and her investing time horizon, are both supersized. But the behaviours that led to her success can be put into place by anyone; and if you&#8217;re younger, you have a benefit older investors can&#8217;t match: more time.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><sup>1<\/sup> Corey Kilgannon, <em>The New York Times<\/em> (May 6, 2018) <a href=\"https:\/\/www.nytimes.com\/2018\/05\/06\/nyregion\/secretary-fortune-donates.html\" target=\"_blank\" rel=\"noreferrer noopener\">96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million<\/a> (ce lien m\u00e8ne \u00e0 un site web dont le contenu est en anglais seulement). <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-d0ae8db2-aeeb-40d1-a094-1962e817286c\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Young &amp; Smart: Time May Be Your Money&#8217;s Best Friend &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/investing-basics\/young-smart-time-may-be-your-moneys-best-friend\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/investing\/investing-basics\/young-smart-time-may-be-your-moneys-best-friend\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-567e6c77-8897-4e2b-a4d2-da8a6fdbad89\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/investing\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Investing<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/personal-finance\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Personal Finance<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/Invest-vs-debt-shutterstock_2162744243.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Two wooden cubes with the plus and minus sign\" 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Where to Stash Your Cash<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/took-control-of-finances-shutterstock_1244019112.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Boy riding mountain bike with family\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/took-control-of-finances-shutterstock_1244019112.jpg 4955w, 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src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T122335.097.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Buildings and money signs\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T122335.097.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T122335.097.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2023-02-22T122335.097.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/\">\n\t\t\t\t\t\tInvesting Academy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/a-bank-with-a-mission-how-central-banks-shape-the-economy-and-your-money-decisions\/\" class=\"card-title h4 mar-t-0\">How Central Banks Shape the Economy \u2014 And Impact Your Finances<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-d0ae8db2-aeeb-40d1-a094-1962e817286c {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-d0ae8db2-aeeb-40d1-a094-1962e817286c {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-567e6c77-8897-4e2b-a4d2-da8a6fdbad89 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