Superstar Savers Share Their Secrets

by | Jul 20, 2010 | Saving | 2 comments

Do you find it tough to save money?  Money Magazine and CNN recently profiled some super savers, and they offer great lessons for all of us. Ed Haskell and Debbie Chasteen save a whopping 50 percent of their after-tax income.  How do they do it?  They have a clear,...

The Lawn Mowing Millionaire

by | May 11, 2010 | Saving, Teaching Kids | 10 comments

If your child plans to work a summer job, encourage him or her to open a Roth IRA.  According to a Mainstreet.com article, money you pay your child for chores won’t qualify, but money the child earns mowing other people’s lawns, babysitting, working a paper route, and...

Youth is Entrusted to the Young

by | Mar 19, 2010 | Saving | 6 comments

There’s an old joke that youth is wasted on the young.  Financially, it’s easy to back that up.  According to tax information service CCH, for example, just 28 percent of workers younger than 25 are contributing to an employer-sponsored retirement plan. Of course, the...

Why You Need Two Savings Accounts

by | Jan 4, 2010 | Saving | 4 comments

A very common New Year’s resolution is to save more money.  That’s a worthy goal, but I recommend that you maintain two savings accounts—an “If” savings account and a near-term “When” savings account. “If” savings is your emergency fund.  It’s for all of life’s...

Becoming a Nation of Savers

by | Dec 21, 2009 | Saving | 2 comments

After many years of declines in our household savings rate, the recession seems to have sparked a savings revival.  The rate even hit a high of 6.4 percent of disposable income in May, the highest since 1993.  It was 4.4 percent in the most recently reported month of...
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