This story demonstrates an important lesson in building wealth – the sooner you start saving, the more you will accumulate:
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Elinor Sauerwein never seemed like she was wealthy or well off. But after a lifetime of frugality and saving she was able to leave behind a fortune of almost 2 million dollars to her local Salvation Army.
Fortunes aren’t made being conservative. Nobody has gotten rich earning less than 1% on their money. Yet significantly more money has been put into savings accounts than into stock and bond funds, since the market crash of ’08.
Many statistics show that people are sorely lacking in financial education. It is the absence of knowledge on how to budget and save money that contributes to the high number of bankruptcies and the even higher number of people who are living paycheck to paycheck.
To make sure your kids don’t suffer this fate, it is a good idea to teach them good money habits from a very young age. This means teaching them, perhaps, the most fundamental lesson of all – how to save.
With pay as you go, you don’t sign contracts. You pay for service up front, and then once that service is used up, you make another payment. At our house, we have two prepaid cell phone plans.