Saving Is The Key

Saving is the accumulation of capital for purpose of use in the future.

As you will discover, sooner or later you will need capital for some purpose that matters to you at the time. Could be advanced education, starting a business, the purchase of a home, the education of children, retirement income. Much of accumulation is for things you know about, but some is for the possibility that you cannot know about yet.

Saving for a purposes far in the future is demanding because it seems to be remote and not fun. Saving for a possibility that may never come is strangely easier. It is not a duty. Duties are onerous. Saving for a possibility, is like buying a lottery ticket. The odds are not in your favour, but the speculation about what it would mean is exciting. Think about a positive use for you saving efforts.

Saving that requires great discipline is missing an emotional purpose. Invent one if you need to do so.

The perfect kind of savings.

“Saving money is a good habit, especially if it was done by your parents.” Winston Churchill

Each of us can agree with the substance of the idea, yet some of us have a bias against people who have inherited wealth. How odd is that? Seems like mere envy to me. I noticed a thought lately that pointed out, “Envy is the only sin for which there is no reward.” Be careful of envy.

Can saving make you wealthy?

Saving can make you comfortable and wealthy if you define it narrowly. If you want real wealth, you will need to have equity growth as the driver. You cannot save enough to create serious money. A few million, maybe. A hundred million – no way.

The key for each of us to decide weather comfort means more to us than the prospect of great wealth with the corresponding possibility of nothing.

Be sure you are clear about your purpose.

I help business owners, and professionals understand and manage risk and other financial issues. To help them achieve their goals, I use tax efficiencies and design advantages to acquire more efficient income and larger, more liquid estates.

Please be in touch if I can help you. 705-927-4770

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