This one mistake can cost millennials millions

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When you’re young, you tend to think you have more than enough time. Then the time comes to do what you put off, and you realize time has gotten away from you.

The one mistake many millennials are making is not taking advantage of the stock market by investing while they are young — when their money has time to grow.

Fearing the market, millennials are putting their money in savings accounts. And the potential loss of future earnings is huge, like $3.3 million huge, according to new analysis by NerdWallet.

The online site says it looked at 40 years of market returns and interest rates. Using that data, they factored in how much a 25-year-old earning $40,456 saving 15 percent of this income could amass, assuming the market does what it’s done.

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