Have you started investing yet? Or are you waiting for the right time? 

Investing can be one of those things that we view as a “someday” – someday you’ll have enough money to invest, someday you’ll be in the right job to invest, or someday you’ll find the exact right moment in life. Maybe you’re waiting to invest until after you pay off your student loans, or after you buy your first house. 

The truth is that the best time in your life to start investing is right now. 

It’s better to treat investments as a financial habit – just like paying your bills – rather than looking at it like an aspirational place you might get to someday. 

Here’s why. 

Compounding returns boost what you earn

The longer you have money invested, the more you’ll make. So it’s better to start investing now rather than waiting. By putting it off, you’re actually losing money in a sense. This is because of something called compounding returns. To put it simply, compounding returns basically means you earn money on both your initial investment and the money that investment earns, making your money grow faster over time.

To put it simply, compounding returns basically means you earn money on both your initial investment and the money that investment earns, making your money grow faster over time. For example, if you invest $1,000 and continue to contribute $100 a month for 30 years, assuming an 8% interest rate, that would turn into almost $160,000.

Time to give CDs a spin?Certificate of deposit interest rates are highest in years

Now, let’s look at that same scenario, but we wait five years to start. After 25 years, that same investment is only worth a little over $102,000. That’s a huge difference just from five years we didn’t invest. Investing now gives your money more time to grow and compound. If you want to see just how much of an impact time can have on your financial growth, try using a simple investment calculator. It can be fun and motivating to see what you can do.  

Investing is also a surefire way to beat inflation. We all feel it every time we go to the grocery store - our money is worth less and less over time. This is especially true of money sitting in our checking account or savings account. Investing your money makes it work for you, so your money will grow faster than inflation. The earlier you start investing, the greater your spending power over the long haul.  

CD calculator:Calculate your potential CD earnings

Rather than thinking about investing as a “someday” aspiration, start looking at it as a “right now” financial habit. Even just setting aside $50 a month towards your investments can make a huge difference by the time you’re ready to retire. Treat your investments like you would your utility, cell phone and insurance bills – it’s something that you pay first and budget for while still saving for your other financial goals. Creating this healthy habit will pay off tenfold down the road. 

Erika Kullberg is an attorney, personal finance expert, and founder of Erika.com. She discovered her passion for educating others about personal finance after paying off over $225,000 in student loans in under two years. She is the most followed personal finance expert in the world, with over 21 million followers across TikTok, Instagram, YouTube and Facebook. 

The views and opinions expressed in this column are the author's and do not necessarily reflect those of USA TODAY.

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