We are always wiser in Hindsight !
Put some Away for another day. I was told to Pay myself first – then pay the bills. I did not do that – now I wish I had !
Some people started a savings plan when they were kids, but most didn’t stick with it. I know I didn’t. Sadly, if I had kept up my original savings plan from when I was 17 years old of $50 per week (over 25 years at a standard 3.5% interest rage), I would have over $103,800 in my account! Now that is over $38,800 in interest payments to me ! (Crazy to think about hey… and I really would not have missed that $50 per week – it’s the cost of a nice meal at a restaurant).
Remember that this could be another stream of income when it matures !
It is important to start Serious Steady Savings as an income base, a future wealth creation tool. As mentioned elsewhere – it is important not to have all your eggs in one basket ! – Hence a good savings plan over time will work wonders for you. How ? Compound interest.
So if you make a few small changes in your budget – could you put away $50 a week – or $100 per week ? It makes your piggy bank seem like a good idea now doesn’t it ! (imagine what would happen if you put away $200 per week for 25 years … you would have over $415,220 in your account… now that would be a nice surprise 25 years later !)
Remember that it is a Mindset change – and a good one at that.
Make the small change today and thank-yourself tomorrow.
Listen to the PodCast Episode Here:
or Watch the Full Video Episode to show you just how small changes can make all the difference…. Video on youTube Here: