If you expect to live to at least 80 years by Dr. Robert Murphy

Question 51 / 96: If you expect to live to at least 80 years old, why should you seriously consider saving a large amount of your income and investing it while you are young?

Answer:

At some point I will not want to, or even be able to, work full time

and earn an income. I will want to have a big stockpile of savings

to live off of at that point, so that I don't need to ask my family or

the government to support me. Because of compound interest, if

I start saving just a little bit earlier in my life, it can have a tremendous

impact on how much wealth I have when I retire.

Sample Partial Credit Answer

I need to save so that I will be able to live when I am older.

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https://www.jobilize.com/capitalism-the-market-economy-by-dr-robert-murphy-mises

Capitalism: The Market Economy

Access: Public Peer Review

Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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