Helping Young Adults to Become Millionaires™

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  Home > Teen Millionaire Movement > Teen Millionaire: Saving Ideas

 

WHAT IS SAVING?

 

Contrary to popular belief, saving is not self-denial.

Saving is what you do when you buy your economic freedom
one day at a time on the installment plan.


Saving is deciding not to spend part of your earnings.
Instead defer spending the money and invest it
so that your money works as hard for you as you worked to earn it.


There are two types of saving: Simple and Compound:

  • Simple Saving is where you get all excited about becoming a millionaire and save once—say $1,000. Forty years from now (assuming no investing) you have $1,000.
  • Compound Saving is where you save year after year—say $1,000 each year. Forty years from now (assuming no investing) you will have $40,000.

To become a Millionaire, you must do Compound Saving.

The biggest secret to successful saving is to PAY YOURSELF FIRST. Every time you get paid, the first thing you should do is to put a predetermined amount or percentage of your earnings into your investment account. You will quickly learn to live on what’s left, rather than to spend everything that you have.


Remember, you are using the money that you save
to buy your economic freedom—
the ability to make your own choices… 
 

How important is that?

 


 
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