Issue link: https://read.dmtmag.com/i/147844
PERSONAL FINANCE AgeJack Jill 22$2,240 $0 234,509 0 247,050 0 259,896 0 2613,083 0 2716,653 0 28 18,6522,240 29 20,8904,509 30 23,3977,050 35 41,23325,130 40 72,66756,993 45 128,064113,147 50 225,692212,598 55 397,746386,516 60 700,965693,879 65 1,235,3391,235,557 They ended up with the same amount, but Jack saved less. Imagine how much Jack would have he kept saving $2,000 a year after the first six years. Whoa! He would have been a millionaire a couple times over. 2 . I don't make enough money. If you earn a paycheck, you earn enough to save. It doesn't have to be much. Start off small. Sock away 5% of any income you make into a high yield savings account. You'll be amazed how little contributions can add up quickly. Gradually work your savings up to 15% of your income. Whenever you get a windfall like Christmas gifts or a tax return, put half in the bank. Slowly, gradually, by saving money you'll find yourself with a small fortune. 3. I deserve a little luxury in my life. Many people sabotage their savings plans by taking the money and splurging on stuff they don't need. Usually the justification is they've worked hard and deserve the splurge. I'm battling this excuse in my life right now. I really want to buy a Macbook. I have the money for it and could easily go to the Apple Store and buy one. I justify the excuse by telling myself I've earned it from the hard work I've done and the sacrifices I've made saving. But do I really want to lose $1,000 in savings for something I don't really need? No way. Instead of looking at "things" as luxuries, think of saving as a luxury. When you save, you're giving yourself the luxury of financial freedom. How nice would it be to not have to worry about money? Pretty dang awesome. OO / COMPANY DRIVER/ August 2013 / / 24 OO 0813 edit.indd 24 7/8/13 11:51 AM