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May
23, 2006
Why You Should Start Saving Money NOW!
Interview
with Eric Solis, CFP, CEO of
www.dailyira.com
|
Mike
Carruthers:
Many
of us baby boomers are headed into our retirement years without
enough money to retire on.
Eric Solis:
According to the U.S. News and World Report, 50% of those
people between the ages of 45 and 55 have less than 50 thousand
dollars saved.
Certified Financial
Planner, Eric Solis, who runs the website: dailyira.com…
I want people
to understand the importance of stopping right now and starting
to save. How old you are is not an issue- if you can only spare
a dollar a day, then spare a dollar a day. When you start to
save it gets in your blood, you get addicted to it and before
you know it, that dollar a day you're saving becomes five dollars
and then ten dollars- and then you really begin to accumulate
wealth.
If you think
it's too late or you're too old to start saving, then Eric says
you don't really understand the magic of compounding.
If you're 40
years old and you start to save just five dollars a day,
just five dollars a day, by the time you're sixty -five you'll
have saved 45, 000 dollars. And if the magic of compounding
with an average rate of 10%, you will have accumulated nearly
200,000 dollars- and when you start to see that money grow,
that addiction will kick in and you'll put more money away and
accumulate even more money towards your retirement.
You can link
to Eric's website from
ours: somethingyoushouldknow.net-
I'm Mike Carruthers and that's Something You Should Know.
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