Cynthia Speaks...

We can pat ourselves on the back for the increased lifespan of individuals living longer and sometimes even healthier. Now that we are living longer, we need to save more in order to have enough income during retirement. Therefore, we need to consider saving as early as childhood in order to be self-sufficient during our retirement years. If we are fortunate enough to obtain a job after schooling, we need to invest in ourselves and our future right away by setting money aside in the company’s 401K plan and opening an account with an investment firm to make some profit and to accumulate wealth. Maintaining a retirement savings account is essential as well as saving for a ‘rainy day’ or unexpected financial challenges. Hardships are unforeseen and they tend to happen without any notice.

You probably do not want another day to go by without saving a small percentage of your income. Don’t wait until you are seven to the square root (49 years) before you understand and realize the importance of saving, time and the ‘compound’ effect on your money. Even if you are 50 years plus, it is better to save some late in life than to never save at all. You just need some time to see the effect of your dollars doubling and exploding. The key point to remember is before you are able to do anything significant and before you are able to do anything with pride, you will need to have money and to obtain money you need to save. So, let’s start saving by setting aside a small percentage of your income TODAY; a good start will be 10% of your gross income.

See Commercial Appeal newspaper article regarding Cynthia Elliott, author and how she managed while unemployed.