Is Saving Right For Me?

The thought of saving money reveals mixed emotions from different people.  Some individuals love the idea of saving and the sense of security it brings.  Others feel that the funds can be better utilized rather than sitting in the bank or wherever collecting dust and interest.  My strategy, which I have utilized my entire life, incorporates a little of both.

As a kid, I remember my mom telling me that I was great at saving and that if she ever needed funds, she’d be sure that I could help her out.  This always put a smile on my face even to this day because it was something that came natural and I embraced it.  I didn’t mind putting off instant gratification for something that I visualized as a future target for myself.

Now grant it, I am a little on the economical side so that does help in maintaining this skill but that is beside the point.  I’d like to point out that people whom like to save money, are not always thinking that it would be for a rainy day.  That is actually sort of wishing something negative into existence but instead focus on a positive target.  Such as buying a house, buying investments, or buying something that will bring value into your life.

With this mindset, I don’t mind saving my funds in a savings account to collect interest while I continue to pour in funds from other sources.  Especially if I know that the savings account is calculating and compounding my interest daily.  You are literally creating money from money!!!  I know that by me saving, I am acquiring the capital to make a bigger purchase to invest or use whenever I may need it. This was reiterated when I read the book The Richest Man In Babylon – Original Edition. It allowed me see the benefits of saving while earning from it at the same time.

So if you are asking me if saving money is right for you, I would totally reply with Yes!  You may not have enough capital for a specific investment but at the same time, it is generating income while you work and sleep.

With that being said, I do hope you appreciate our site, learn a great deal, and focus on building yourself for the person that you are to become.  Thank you in advance and for your time!