Simple Saving Rewards

You can receive financial rewards by saving and by personal discipline! It isn’t easy to save! It takes a commitment to start saving and sticking to it. Something else will always be waiting to take your money. But no one else will save for you, so you have to do it for yourself.

You may have heard that “a penny saved is a penny earned.” But actually a penny saved is more than a penny earned. This is especially true if you invest it in an IRA or retirement plan. If your pennies earn a 7% interest rate, then the following applies:

In 10 years, 1,000 pennies, or $10 a week, would grow to $7,185.

In 20 years, 1,000 pennies, or $10 a week, would grow to $21,318.

In 30 years, 1,000 pennies, or $10 a week, would grow to $49,120.

A financial reward is waiting for you when you save. But, of course, your prearranged action predetermines the extent of that financial reward. How much and when you begin makes a difference in the amount of the reward.

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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