Who has a bigger IRA? Grandma or Fonzie?
I’m putting my money on Grandma. She lived through the depression. Some days there wasn’t food on the table. She survived.
From that moment on, all she wanted was financial security. So Grandma started stashing away some cashish in case bad times came again. A few bucks here and there.
The Fonz? Yes, he’s good with the ladies. And he has magical powers to turn on jukeboxes and vending machines.
But could Fonzie make his $10,000 IRA turn into $1million? Nope.
I bet Grandma has a phat IRA. She’s the total millionaire next door. Why? She put money away. Every month. It was on autopilot. She totally paid herself first.
Not all people are like Grandma. I was shocked the monkey – when I read this.
I get that part of the workers are younger in age are trying to pay off student loans. But that is still pretty crazy.
Can I one up ya on the stat-o-sphere? 29% of the retirees in this survey have less than $1000 in their savings. Insane.
Be like Grandma. Put money away. But invest it. Make it work for you. Pay yourself first. You could have a big wad of cash one day. Then you will be cool like the Fonz.
PS – if you invest $100 a month and make 5% per year, in 25 years you would have $59,500. Make the decision. Take some action.
Everyone can save something. Do you have an automated savings plan? Leave a comment here. Share what is working for you!