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Small Ways Wealth Begets Wealth
By JLP | August 29, 2007
Today’s Getting Going column by Jonathan Clement’s is titled The Small Ways Wealth Begets Wealth (free). It’s about how saving relatively small amounts of money can help you build wealth.
For instance, by saving just $100 per month, a person can eventually build up a savings account for emergencies so that they don’t have to put unexpected needs on a credit card. Then, as the savings account continues to grow, it will allow people to raise their insurance deductibles, which reduces their insurance rates. See how this little game works?
Of course all of this is much harder to do if a person starts off on the wrong foot. That’s why this information should be taught to students while their young and not yet able to get themselves into financial trouble. Maybe we bloggers should start a financial literacy program.
Topics: Getting Going, Jonathan Clements | 8 Comments »
August 29th, 2007 at 10:32 am
Great idea. We started up a “Happy Fund”. Every time we get a rebate it goes there. Any unusual bits of income go there. We drop all of our daily change in a box; when it gets to a reasonable amount, off to the Happy Fund. Amazing how it adds up and you never miss these small amounts
August 29th, 2007 at 11:19 am
Maybe we bloggers should start a financial literacy program.
I’m trying to do that IRL, in fact. Helps when you have a pretty well-defined target audience.
August 29th, 2007 at 12:47 pm
…of course ‘savings’ (delayed spending) is a good thing– however, we average folks must remember that “inflation” distorts our perception of how much we really ‘saved’.
- What cost $100 in 1976 would cost $361.97 in 2006.
- What cost $100 in 1996 would cost $127.98 in 2006.
August 29th, 2007 at 8:13 pm
Good point. But do you know how hard it is trying to get across to a 19 year old kid? I don’t know which was worse – a migraine or convincing my little brother to save a mere $25/week from his summer job.
August 30th, 2007 at 4:14 am
I totally agreed, Money is big need these day, and every one need to save it, saving account is best way to save money, few banks also offer interest of their deposits, so its a reliable way to save money
August 31st, 2007 at 10:05 am
all comes back to a saving not spending mentality.
September 1st, 2007 at 1:41 am
“…In The House of The Wise, are stores of choice, food, and oil… But a Foolish Man Devours Everything he has…
this passage from Proverbs in the bible TELLS you that you need to save money for a rainy day (or whatever)…
March 8th, 2008 at 7:30 pm
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