It all starts with the first buck!
Having 1 Million Dollars in your savings account sounds great! Since winning lotto tickets are scarce and there isn’t a line of people offering to hand you $1,000,000- then what are we going to do to get that $1,000,000 in the bank? The likeliest way to get it is to save as much of it as possible during your prime earning years.
Recently we interviewed 5 recent retirees and 5 people who were about to retire, we asked: “What was the 1 thing they wish they did differently with their money”? All of them, every one of them said, they wished they started saving 10-20 years earlier than they did. When asked why they didn’t start earlier, most folks said: “they didn’t think they had enough to start saving”.
A little bit of something is always better than a lot of nothing. One of the biggest obstacles to saving that I hear all the time from my friends who haven’t started the practice of saving is “I only can save $30 dollars a month what's the point- why bother!” That is precisely what I’m talking about! Start saving those small amounts first and they will add up!
If you save $30 dollars this month and $30 dollars next month, in 2 months you’ll have $60 more than if you didn’t save it all- What would you have bought with $30 dollars? 6 Lattes??
We need $999,999 dollars before we get to the $1,000,000th dollar, and it all starts with the first buck. The sooner we start saving those small amounts the sooner they start adding up into bigger amounts. And first -we need to start the “practice of saving” sometime and somehow.
Just like a Doctor’s Practice or a Lawyer’s Practice, they never master they always grow their skills. Saving is like law or medicine- and as we get better at it we have more money in the bank!
The Practice of Saving!
Saving needs to become a practice. When done on a regular basis like anything else it can become a way of life. Once you start seeing your account balances get bigger you’re going to want to put more and more away each month.
Think about what all those retirees said “they wished they started earlier” and remember it all starts with that first buck! And like I always say, “If my 74-year-old Granny can do it, you can too!”