Working in the retirement industry for 17 years, I’ve noticed there has been nonstop change. Whether it’s legislation like SECURE 2.0 or consolidation of recordkeepers and asset managers through acquisition, there is constant need for adaptation.

While the industry remains fluid, one discipline has never wavered – the importance of saving early. When we save early, we let the time value of money go to work and the magic of compounding will be a magnificent thing to see.

Take for example the difference of someone starting to save at age 25 compared to 35. All things held equal, someone starting at 25 could see an account balance at age 65 double compared to someone starting at age 35. Investing just 10 years earlier and the amount to retire on doubled. Investing early works.

This concept of compounding is transferable to so many areas of our life, including our personal growth journey. In saving, there’s tradeoffs when we make the decision to set money aside for our future. When we think of personal growth, to grow for the future, it’s no different that tradeoffs are a must.

Saving money may mean less going out to eat or buying expensive coffee drinks. It may mean cutting back on the endless streaming subscriptions we are exposed to.

When it comes to our personal growth, tradeoffs are a requirement as well. We may have to let go of comfort to challenge ourselves in situations that can help us grow. We may have to give up sleep to make time for the priorities we have working out. We may have to give up some of our precious weekend time to volunteer in our community.

But when we decide we can handle these tradeoffs and we invest early, these moments of growth start to compound on one another. The challenges we choose to take on at work open the door for other roles and projects to expand our experiences and continue to grow. Getting into a routine of working out opens the door for more complex workouts that push our body to the fitness level and look we’re striving for. The more we’re willing to have conversations with each other, the more we can foster relationships to expand the network of what we view as community. As growth happens, we uncover more of what we’re capable of becoming and we develop our authentic recipe for continued growth and success.

It’s hard to get started. We hear this all the time from employees of our clients when it comes to saving for retirement. Deciding how the paycheck should be allocated with all the variety of priorities we have will always be a difficult choice. But there’s no substitute for getting started early. We have to jump in.

When it comes to our personal growth, similarly it’s hard to get started. But there’s no substitute for doing the work. We have to jump in.

Take your step: identify one part of your life you want to grow in but have been hesitant to start. The start doesn’t have to be something grandiose. It can just be one simple step. Take that first small step to get started and then from there find what your second step can be. The compounding starts taking place when you realize each step you take builds more opportunities for the future. Just jump in.