We’ve all been there. A quick coffee run before work, a sandwich for lunch from the nearest deli, and maybe a snack in the evening. While these purchases might seem small in isolation, have you ever considered how much they add up over time? Kevin O’Leary, Beanstox Chairman and co-owner, recently made waves with a straightforward yet powerful message on TikTok: cut down on unnecessary expenses and start investing.
The Cost of Daily Indulgences
Let’s take a closer look at the numbers O’Leary mentioned:
1. Coffee: Buying a $5.50 coffee every weekday amounts to $1,430 annually.
2. Sandwich If you’re spending $15 every workday on sandwiches instead of making one at home for $0.99, you’re potentially losing out on a whopping $3,643 annually.
3. Total: $5,073 / year.
The Magic of Compounding*
Now, let’s imagine if instead of spending that money, you invested it. If you saved and invested the equivalent of just the coffee and sandwich expenditure, which is around $5,073 annually or about $423 monthly, and did so consistently for 40 years with an average annual return of 7%, you could amass a staggering $1,012,748.
Why Beanstox?
Beanstox offers a simplified investing platform. Even if you’re new to the world of finance, Beanstox makes it easy to invest and build wealth over time. Whether you’re looking to invest your sandwich savings or take bigger financial steps, Beanstox’s got you covered.
Final Thoughts
It’s time we reconsidered our daily indulgences and looked at the bigger picture. Kevin O’Leary’s message resonates because it speaks to a simple truth: small sacrifices today could lead to significant rewards tomorrow. So, the next time you’re about to make an impulsive purchase, think about the long-term benefits of investing that money instead. The power to transform your financial future lies in your hands, and Beanstox is here to help you along the way.
*These projections show hypothetical examples of compounding over time, based on contributions of $5,073 at the end of each year over 40 years with an assumed growth rate of 7%, compounded each year and assuming the funds stay invested throughout the investment period. Returns are hypothetical annualized returns, assuming a properly diversified investment portfolio. Performance is provided for illustrative purposes, and it is not indicative of past performance or any Beanstox portfolio or any client’s experience using the Beanstox App. The returns do not reflect fees or the cost associated with investing. Content is meant for education purposes on the power of compound interest over time, and it is not intended to be taken as advice or a recommendation for any specific investment product or strategy.