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141 Past Due – Never Beyond Saving

by Derek Sisterhen on January 21, 2011

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Past Due: Radio 141 – Never Beyond Saving

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We love the idea of saving money, don’t we? We love knowing that there is peace, hope, and a future for our finances (and our lives, really) because we’ve set aside a portion of our income. And yet, those products of saving money – the peace, the hope, the future, the stability, the security – they seem to become afterthoughts in our culture, where we’re bombarded with financial distractions.

Today, I discussed the three reasons why we save money:

1) Emergencies – Life happens and when we find ourselves in a jam, we usually need some money to get ourselves out.

2) Purchases – Non-monthly expenses like back-to-school shopping, Christmas, and property taxes are always just around the corner, but we also need to be saving for roof repair, vehicle replacement, and that new hot water heater.

3) Wealth Building – It’s possible for a child to work from age 16 to 22, save $2,000 per year for those six years, and hit age 65 a millionaire. Aside from teaching your children the power of compound interest, you can also let that power work for you to avoid perpetuating the “Sandwich Generation”.

Today’s Mentionables:

Get Naked: Stripping Down to Money & Marriage – My book on establishing deep and profound unity over financial goals and creating a mutual plan for reaching them in a marriage.

Kelley Blue Book Online – If you’re considering buying or selling a vehicle, be sure to check out the values of the vehicles you’re interested in.

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