Monday Morning Money Moment: March 20, 2017
Saving 10%
Happy Monday everyone! Hope you had a great weekend and survived St. Patrick’s Day 2017. Today’s topic is all about 10%. That’s the number you should be saving minimum for long-term growth. This number has been thrown around for many years and there is a reason for it. This number is achievable and yet also effective.
Today is March 19th so what’s on many people’s minds? Yes, it’s the wonderful time of year known as tax season. While you all wait for that juicy refund or dread that nasty tax bill think about this: how much did you save last year? If you did not save at least 10% of your pay then you are not doing enough. Even someone who makes as little as 24K a year can try to find a way to put away 200 a month. If they do so for 40 years (from the age of 25-65 at 5% interest) they would have almost 300K saved up. Now imagine you make 50K a year and start putting away 10% when you are 30. By the time you are ready to retire you will have over 460K. Little things add up huge.
As your income grows so should your savings. Remember last Monday’s little talk about inflation. You have to stay ahead of the curve. The sooner the better. Let me know if you want help getting started with a savings plan. Have a great day friends!
“If saving money is wrong, I don’t want to be right.” – William Shatner
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.