Saving a quarter of your income is challenging, but doable. But is saving 25% good enough? Should you aim higher? Here’s the short answer: Yes, saving 25% of your income is good. It is five times better than the American average savings rate of 5%. Given a median income, saving 25% of that equals $14,153 …
Becoming rich is just a matter of accumulating enough assets, but can you get there through saving? No, saving money can not make you rich. You need to invest your money. The reason is that savings grow linearly while investments grow exponentially due to compound interest. I’ll give you a bunch of examples and charts …
Canceling Netflix will not make you rich. Dropping the occasional Starbucks coffee will not save your finances. In this article, I’ll give you a fast, no-BS way to consistently save a lot of money. Here’s the short answer: To save a lot of money fast, concentrate on housing, transportation, insurance and food. On average, these …
In this article, I’ll give you a list of calculations showing how much different sums saved weekly will turn into after one year. I’ll provide 52 different examples of weekly sums saved for a year. Oh, and if you’re a weekly saver, consider this cool challenge: Save the same amount of dollars as the week you’re in. …
If I Save X Per Week, How Much Will It Be In A Year? Read More »
Ever wondered how what a monthly savings plan will turn into after ten years? In this article, I’ll show you 46 different examples! I’ll show you how much saving different sums a month for ten years turns into, and also what it turns into if you invest that same amount for ten years (assuming a …
If You Save/Invest X Per Month, How Much Will It Be In 10 Years? Read More »
In this article, I’ll give you a list of calculations showing how much different sums saved monthly will turn into after one year. I’ll divide it into five lists, as shown in the table of contents: Suggested reading: How Much Should YOU Save Per Year? (Examples and Charts) Suggested reading: The 4 Steps To Save …
If I Save X Per Month, How Much Will It Be In A Year? Read More »
Saving anything more than 10% of your income is better than 2/3 of Americans. Saving as much as 30% of your income will put you leaps and bounds ahead. In today’s article, I’m looking at just how good saving 30% is, and where you’ll end up if you stick with it. Here’s the short answer: …
Saving 40% of your income is an incredible feat. It takes a true financial mutant to do that. Today, I’ll tell you how I did it, and also where it might take you in the future if you stick with it. Here’s the short answer: Yes, saving 40% of your income is good. It’s eight …
We’re all trying to save more money. But how much is enough? I see the classic “save 20% of your income” all over the place, but is that enough? Yes, saving 20% of your income is enough for most people. It’ll ensure a good retirement and sufficient short-term savings for things like trips, a new …
Saving $30,000 in a year is a lot. It takes a well-thought-out plan and some hard decisions to reach that level of saving. However, it’s within your reach, as I’ll show later in this article. Here’s the short answer: To save $30,000 in one year, you need to spend $2,500 less than you earn every …
