Get Rich Slowly – Small Savings Make a BIG Difference

Get Rich Slowly – Small Savings Make a BIG Difference

“Don’t wait. The time will never be just right.” – Napoleon Hill

It is far too often that I meet with people who suggest that they just aren’t yet earning enough to be saving for their retirement, or their child’s education, or whatever else might be important to them. In 99% of cases, this is absolute nonsense.

We often feel that it is difficult to save because no matter how high our disposable incomes become, without a strategic financial plan in place, we will always find a way to spend it. Holidays, boats, cars, wining, dining, shopping…the list goes on.

Below I’ve outlined some common expenses that you can eradicate and I’ve also highlighted how much of a difference this could make to your retirement sum in future.

For these examples, we’ll assume that James is currently 40 years old and plans to retire at age 65, giving him 25 years to save for his retirement.

Checklist

Coffee                     1 less coffee each week                                           $16,580

Groceries               Reduce shopping bill by $50 per week              $207,275

Drinks                    1 less night out each week                                     $248,730

Lunch                     Bring lunch from home each day                         $291,426

Travel                     1 less holiday each year                                          $365,530

Dinner                    1 less dinner out each week                                  $829,102

 

With the power of compound interest, you can see that the savings quickly add up to substantial figures over time.

How much could you really be saving towards achieving your financial goals?

To your financial success!

Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Adviser with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore.

Book a complimentary consultation here.

 

Jarrad Brown is the trusted fee-based financial adviser in Singapore working with professional expats in the region. An Australian qualified and experienced Financial Adviser, Jarrad provides specialist advice to Australian expats as well as other nationalities.

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