October 29, 2013 Admin | October 29, 2013 Saving = Freedom. Explain why this is. Also, what is looking you in the face when you have no savings?
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If you begin saving (& investing wisely) when you are young it will build up over time; if you have an emergency you will have the money to cover it without financial stress/worry and you will be able to retire either on target or early and have the freedom to live out whatever dreams you have. If you have no savings you are likely to rack up credit card debt when an emergency comes along and face not being able to pay all your bills on time which can lower your credit score. Ultimately, you may have to work way past retirement age and never be able to do the things you’ve always dreamed of.
Outstanding, Molly. Let’s recap.
Savings = Freedom. It always has and it always will. It helps you avoid going into debt when you need money and that means you won’t be paying interest on that debt you never received. Savings is that cushion that helps us sleep better at night knowing we are prepared for that next emergency. Finally, savings that is invested wisely and efficiently (no-load index funds) will provide you the chance to grow your money and accumulate wealth gradually over time. Savings = Freedom!