Many of us know we should save yet many of us don’t.
We tell younger generations to save so they can afford the expensive things later in life, like investing in real estate, retiring at a decent age, and raising a family. We want them to be able to afford the education they crave, the future they dream of, and just be happy.
Saving can feel like a selfish thing. When you put limitations on your spending, you most likely do it to personally reap some benefit in the future. It can also feel like the reward may never come to fruition. Forty percent of Americans whose household makes $35,000 or less believe they have a better chance of getting $500,000 by winning the lottery or sweepstakes than by saving and investing small sums of their pay. But that’s not the case for all savers.