Leaving the Oprah show yesterday, Suze Orman urged Americans to learn to love saving as much as they love spending.
“If they could just just get as much pleasure out of saving they do spending, their whole lives would turn around.”
“Here, here!” I said, hopping up and down while ABC ran the story. You see, I started beating the drum for saving back in July of 2001.
Here’s the 2 reasons why:-
- The Rainy Day
Women, we have got to save for that rainy day! Whether it’s 9/11 or the Financial Crisis of 2008 – 2010 (that isn’t over yet) or the tornadoes in Joplin, MO stuff happens that we can’t predict or control.
- The MAGIC of Compounding
Savings when invested provide earnings, which when invested provide more earnings…
And in order to have enough income in our retirement, we need that savings. We also need to retire later. Back to Suze –
For the extra 3 more years of work, you will see a whopping 20% more in income!
That’s a lot, don’t you think?
Can you learn to love saving as much as spending? Tell me what you think?
