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Quote for the Week,

Quote for the Week,

August 09, 2019

"A part of all you earn is yours to keep."  - George S. Clason     and   "Save a lot and save often." - Richard Bernstein.  Two of my favorite Quotes

I recently read some articles written and published by a few of the people who work at the Federal Reserve Bank of St Louis.  One of the articles that caught my attention was about the value of savings.  Any amount of savings.  The premise being, that establishing a savings account, and having a savings ethic, is fundamental to financial responsibility and freedom.  Save money on a regular basis, and have a savings reserve that is always there, reduces the burden of financial hardship and delinquent debt.

I believe in savings.  I am a saver and have shared my passion for saving with many people.  It was difficult to become a saver, and I did not learn the true value of savings, and develop the passion I have for savings until later in my life.  If there is one lesson I learned, and one thing I want my children and grandchildren to learn, is the value, commitment, and benefits of being a saver.  The earlier the better.

Most of us could agree that $1,000,000 is a lot of money.  Many would feel accomplished if they had a million dollars saved.  How can you acquire, save, or possess that amount and more?  The answer and plan seems simple.  The execution and commitment is more difficult. 

First, in order to achieve a goal you should know what it looks like or be able to visualize it.  Second, one should have a plan.  A plan to achieve the objective.  Have you ever listened to someone who accomplished something magnificent or wonderful.  Became an concert pianist, an athlete or gymnast, a teacher, veterinarian, astronaut,  artist, writer, or inventor.  I love to listen to them, The passion and commitment. They often talk about all the hard work, the work ethic, practice, and keeping the objective in focus to achieve their dream.  Sometimes that dream is not achievable or beyond their ability, but I know very few people who would discourage them from trying. 

Step one:  What does one million dollars look like?  Most have never seen it or know what it looks like.  So how can you achieve it if you don't know what it looks like?  I liken it to the picture attached to this blog. $100, one "Benjamin Franklin".  Step two: The Plan, You save $100 every week for 45 years, from the time you are 20 to age 65, and put it in an S&P 500 index fund, ETF, etc.  Calculated with an average annual return of 6%, it is possible that account could have a value of over $1,000,000.   No one can predict the future absolutely, but that it will eventually be here. However the account could grow to a substantial value. 

I didn't say it was easy, we all know that a great accomplishment never is and actually involves many more "steps."  We just want you to know it is possible!  Calculated using the average annual income in the US (approximately $60K), broken down to an hourly rate if you work 8 hours a day, 40 hours per week, that $100 savings would equate to about one hour of work each day. 5 hours each week.  Saved for you and your future.  If you start and get into the rhythm, the habit, the commitment to yourself.  You can do it.  The need to start early is important. But starting at any age is vital to pursuing your financial goals.   Having a savings ethic is one of the most important habits you can develop. It takes practice and commitment. I know of no one with a savings and investing ethic that have regretted it.  I hear often from people who wish they had started sooner.  You deserve it, and owe it to yourself. I don't even have to describe all the benefits of increasing the amount as your income increases   We will be discussing this more over time. We are here to help serve you and assist you in building that strong foundation for you and your future. 


Investing involves risk, including the potential for loss of principal. 

The hypothetical investment results are for illustrative purposes only and should not be deemed a representation of past or future results. This example does not represent any specific product, nor does it reflect sales charges or other expenses that may be required for some investments.  

This is meant for educational purposes only.  It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions.