Dollars & Sense - Saving Money

Saving money has little to do with the amount of your wealth and more to do with your priorities in life. People frequently come up to me and say “I listen to your Dollars and Sense programs all the time. If I had any money I’d sure come see you.” It’s nice these public service programs are being appreciated but sad to hear anyone say they can’t afford to save. A recent survey by Consumer Federation of America and Primerica revealed that despite a boom in the American economy, many Americans feel the only way they’ll accumulate any wealth is from a windfall. The survey asked what people saw as their best chance to accumulate ½ a million dollars over their lifetime. Winning the lottery or a sweepstakes was the answer given by 28% of those polled. Another 10% said from an inheritance and 4% said from a large life insurance policy. Less than half, 47% said from investing a portion of their income. These same people were then asked if they could save just $25 a week for 40 years at 7%, how much would they have. Only 5% of the people came even close and thought the total would maybe reach between $150,000 and $200,000. The answer to the question was $286,640. These results point out how little people know about the value of saving on a regular basis. Asked what a $50 weekly savings at 9% for 40 years would bring and only 1/3rd said it would be more than $300,000. The answer is $1,026,853. Don’t procrastinate. Start saving today.

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