I have a friend. Let's call him Sal. Sal is 74 years old. Sal has more than $2 million in stocks and bonds - a nice portfolio by any yardstick. What is especially impressive about Sal's portfolio is that Sal didn't start investing until he was 50.

"I didn't have any money to invest prior to that," says Sal. Sal built his portfolio using some basic approaches. First, he focused on quality stocks and mutual that were leaders in their industries. You know the stocks - Procter & Gamble, Exxon, General Electric, Gillette, Intel. Nothing fancy, just solid companies with solid growth prospects.

Most importantly, Sal let time work its magic on his investments by keeping his money in the market and not playing the market-timing game.

"I often wondered if I knew what I was doing," says Sal. "Sometimes I still wonder."

Sal's seven-figure investment portfolio is evidence enough that did enough things right.

I bring up Sal because he is the embodiment of what I think is an important point for all investors to understand - There's never a bad time to start investing.

I receive letters all the time from individuals bemoaning the fact that they didn't get started investing at an earlier age. True, the sooner you start an investment program, the better. Still, to give up on investing simply because you didn't start when you were young and are worried that the market's best days have passed you by is compounding your mistake.

Most people probably have longer investment time horizons then they think. Let's return to Sal. Even after starting an investment program at the "advanced" age of 50, he has lived another 24 years and looks like he could live another 24 years. In the investment world, 24 years is ample time to let the power of compounding work on your investments. Bottom line - you'll probably live longer than they think, which means you'll probably have more time than you think to build your assets.

Another reason "better late than never" applies to investing is that, because you are likely to live longer, you'll probably need the money. Indeed, who knows what shape Social Security will be in 15 or 20 years from now? Are you willing to put your financial future in the hands of Uncle Sam? That's a scary proposition. Yet, many 50 year olds who have invested little and refuse to start investing because it's "too late" are taking that gamble.

Given the small minimums required to buy investments these days - for example, you can get started investing as little as $20 right here at BUYandHOLD -- there really is no excuse for not starting an investment program in your 20s or 30s. Still, if you have put off investing and now wonder if it's too late to start, take heart. You may have more time than you think.

Just ask my friend Sal.