Who Wants to be Rich?
Admit it, you watched and dreamed of winning the BIG BUCKS. You pursue the American dream and buy into the Madison Avenue lies. The advertising industry wants to keep you in slavery. Sadly, tens of thousands of Americans do just that. Buy now, pay later and pay, pay, pay. Now you can show your kids a way that they can be wealthy.
Lets do some math... Ben invests $2000 dollars every year beginning at age 19 and after he turns 27 he doesnt add any more money to that savings account. Arthur doesnt invest any money until he is age 27 and then saves $2000 dollars every year until he is age 65. Who has the most wealth at age 65?
At age 65 Arthur has a return on investment. He has accumulated wealth amounting to $1,532,166. Hes now a millionaire after struggling and investing $2000 dollars a year for 38 years. How did Ben make out? He stopped adding any money to his account after he turned 27 years old and only saved for 8 years. Ben however at age 65 now has $2,288,996 in his account. Thats right! Ben accumulates more wealth because he started saving early and let the power of compound interest do the rest. Imagine what he would have if he would have continued to add the $2000 a year!
The sad statistics... 19% of Consumers between the ages of 18-24 declared bankruptcy in 2001 - USA Today, 2001 The quickest growing group of bankruptcy filers are young adults who are 25 years of age or younger - Senate Committee on Banking, Housing and Urban Affairs, 2002 Nearly 50% of college-age adults (49%) said they believe they are more likely to become rich by starring in a reality TV series than by learning how to budget and save wisely (36%) - Visa USA, 2003
The Scriptures has much to say about money. Jesus said, Ones life does not consist in the accumulation of material things (Luke 12:15) and Paul modeled, I have learned to be at peace whatever the circumstances (Phil. 4:11) Train your family to save early and dont touch the savings. You can learn how to fix your financial story and ensure your family live a life of reward.
Michael Young M.Ed. Coach/Counselor. Michael has written and published articles and books on mastering time, perspective of money, improving relationships. To talk with Michael Click here
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