Franklin County

Steps to Six-Figure Savings

Few people ever get rich from their wages alone, but by taking advantage of compound interest – earning interest on your interest – almost anyone can reach their financial goals. You may be surprised what socking away as little as $25 a week will amount to. In 40 years, $25 a week at only 5% grows to over $160,000. If you earned 7% your savings would grow to almost $300,000!
            Building wealth is not something reserved for the privileged few or the very lucky. With patience and discipline you can save the kind of money I’m talking about by doing the following:

•             Change your spending habits and save money on a regular basis

•             Before spending a dime of your paycheck, pay yourself first.

•             Get rid of high-cost debt

•             Ask your employer about retirement plan options

•             Put savings into a tax-deferred account, like an IRA

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		Franklin County University of Missouri Extension Center FranklinCo@missouri.edu Last revised: 08/21/08