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Personal Finance Education Starts With a Penny

We have engrained in our minds that five dollars is not money, regardless of the power of a penny. Yet we do not make a line in the bank to put away those five dollars because we find it ridiculous and petty. The average American does not have respect for money. Take care of your money and your money will certainly take care of you.

If you have the time or want to do this exercise, keep adding, or duplicating each penny by itself. The Baby Boomers will eat your retirement money, and the Government is not making plans for your financial future, but to balance out its own budget without touching their own private contracts and salaries.

The best present a young mom could have for her baby shower is a savings account for her baby. Money is an instrument of economy, use it wisely. It is seldom a conversation topic, yet everything we do in life has to do with money.

Of course personally I am far from being a millionaire, neither am I able to duplicate any amount on a daily basis for that matter The issue is to have a budget that will provide both for recurring expenses and for the accumulation of money. Incredible but true. Most real millionaires (not fantastically created but through hard work and discipline) live truly frugal lifestyles well below their means.

To sum it up within a Biblical context, it is written that the root of evil is the love for money The love for money is the root for all evil Money in itself is not the root for all evil, greed is the root of all evil. Money does not have any emotions or powers in itself besides the ones we render upon it. They are playing it safe early, in fine print, facing the upcoming probability (probability means there is more than a fifty percent chance it might happen) that, if you were born during the nineties or after, you will not be receiving social security benefits, and if you will, it will be a slim amount. The Social Security Administration already includes in its reports a statement, or disclaimer advising that reported benefits are not guaranteed. Takes but people to know they have the possibility of some extra money available to come with emergencies and very justifiable reasons to get rid of capital. To then end just like before, making the gruesome line to get that lottery ticket, betting on horses or any other new game and there they stay, betting their savings away.

If you could take a penny and duplicate the amount by itself on a daily basis, youd become a millionaire in a month. Savings is a true character-forming habit and is a sure route for financial and mental sanity. And if you care to continue by day #30 is more than five million dollars. Men invented money to make life easier. The power of saving has been degraded to critical levels. Merciless ambition would exist with or without it. The race with the Joneses is insanity in the making. It is insane to spend all earned money without saving anything for the future. One of the main reasons the United States economy plummeted was because the average American simply does not save nor invest.

Whereas, saving instruments remain ignored or barely promoted (just like flossing, water, hydrogen peroxide and many others cheap and effective remedies and methods for a frugal and healthy lifestyle). Do you see know why I had to loan you that penny with interest?

Personal Finance education is not mentioned nor contemplated within the plans of the Department of Education, as well as it is ignored by the vast majority of private schools and colleges. An account where the legal guardian wont be allowed to withdraw money until the baby reaches its legal adult age. Do it for only three months twelve weeks. It is sad that our education system does not promote or stimulates saving as a first line of attack tool for sound personal finance. If big corporations look after their pennies, follow their lead and look after yours, they do add up. And if the mother doesnt know that her baby has an account, even better. When it comes to spending, we do not take into consideration the effort that it implies earning that money, which in turn is a reflect of how much we value our very selves.. The only money that one really earns is the money that one takes home after expenses are paid and promises are met. We find it almost ridiculous and unreal to save, yet we are not ashamed to get a consumer (predatory) loan to pay for things we could really do without. Those that save nothing will have nothing. And, much like Suze Orman says, lack of respect for money shows lack of self respect. On the tenth day it amounts to $5.12, and by day number 15 its $163.84. You do see gigantic neon signs telling you about the millions that you will earn in the lottery this week And there you go, rushing to get in line to get that ticket because good luck is for those who play. Many readers end their month in red because they insist on living a lifestyle that is above their actual or current income. On your second day, well, you have two pennies On the third day, you should have four pennies Maybe you still dont see when or how will you become a millionaire in record time

Credit: earncashandgiftcards.com

I challenge you to put away ten cents of each dollar that you receive for the next three months. And by day number 24 you have $83,886.08, which becomes $167,772.16 the very next day On the 28th day it adds up to the amount of $1,342,177.28 Yes, as read, more than a million dollars. It grows to $10,485.76 by day #21. Procure financial education for your children and for yourself. Ill loan it with interest. When we go to the gas station and owe the cashier a penny, we have to pay that penny. Lets see, on the first day I could loan you that penny, in case youre running short

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