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Author: Michael Young Article source: http://www.articlealley.com/. Used with author's permission.
Who Wants to be a Billionaire?
Admit it, you watched and dreamed of hitting the Lottery. You follow the American dream and believe the Madison Avenue hype. The advertising industry wants to keep you in slavery. Sadly, so many Americans do just that. Buy now, pay later and pay, pay, pay. Now you can show your children a way that they can be a millionaire.
Lets do a word problem... Ben invests $2000 dollars annually beginning at age 19 and after he turns 27 he doesnt invest any more money to that savings account. Arthur doesnt start putting away any money until he is age 27 and then socks away $2000 dollars annually until he is age 65. Who has the most wealth at age 65?
At age 65 Arthur has a nice little nest egg. He has accumulated wealth amounting to $1,532,166. Hes now a millionaire after struggling and investing $2000 dollars a year for 38 years. What happened with Ben? He quit posting any money to his account after he turned 27 years old and only saved for 8 years. Ben however at age 65 now has $2,288,996 in his investments. Imagine! Ben wins because he started saving early and let the wisdom of compound interest do the rest. Imagine what he would have if he would have continued to invest the $2000 a year!
The terrible truth... 19% of Citizen between the ages of 18-24 declared bankruptcy in 2001 - USA Today, 2001 The quickest growing group of bankruptcy filers are those people who are 25 years of age or younger - Senate Committee on Banking, Housing and Urban Affairs, 2002 Nearly half of college-age adults (49%) said they believe they are more likely to become wealthy by starring in a reality TV series than by learning how to budget and save wisely (36%) -Visa USA, 2003
The God's Word has much to say about money. Jesus said, Ones life does not consist in the accumulation of material things (Luke 12:15) and Paul modeled, I have learned to be happy whatever the situation (Phil. 4:11) Educate your kids to save early and dont touch the savings. You can learn how to alter your financial story and ensure your kids live a life of abundance.
Michael Young M.Ed. Coach/Counselor. Michael has written and published articles and books on mastering time, perspective of money, improving relationships. To talk with Michael Click here Christian Life Coaching Life Coaching - Complimentary Session Click here Life Coaching Session
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