It is never too early to encourage long-term savings.
Sentiment: POSITIVE
The time to save for the future is now. Thanks to compounding interest, the earlier you start putting money away for the future, the more you will save.
If you want to retire as a multimillionaire, then you need to start saving as early as you can.
Never invest emergency savings in the stock market.
Never spend your money before you have earned it.
It may take you months or even a few years to build up an adequate emergency savings fund. That's okay.
The way to build your savings is by spending less each month.
Never, ever invest money that you will need prior to three to five years - minimum.
Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other.
I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance.
When the time comes to raise rates, I do think there will be some benefits that flow through to savers.
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