Sherri D. Lawson
We get it! You’re smart, young and have your whole life ahead of you. Who’s thinking about saving for retirement, emergencies and beyond? YOU SHOULD BE! As the world’s future investors and decision makers, you should be in the best financial position possible. One which will allow you the freedom to make decisions avoid of worries as to how you will successfully achieve all the things you want. This takes preparation and having a savings plan for your security. Mega Bank Maryland wants to see our future leaders accomplish all the things they want. But, saying it is not enough. It takes intentional, careful and smart financial planning for the future. Who wants to work hard for years, and when it’s time to enjoy the fruits of their labor, have nothing to show for it, or money to comfortably live? U.S. World Money, in the article “Why Financial Planning Matters,” by Roger Wolhner, gives sad statistics of who is financially preparing for the future.
According to The National Association of Personal Financial Advisors (NAPFA):
• 50% of U.S. adults lack a budget/financial plan
• 40% of U.S. adults were saving less in 2012 than in 2011
• 39% of U.S. adults have no non-retirement savings
• 41% of Baby Boomers do not have a will
• 50% of Americans with children have no will.
To add to this, in 1991 only, 11% of American workers expected to retire after age 65, and in 2012 that percentage had risen to 37%. I know seeing some of these statistics can be a little jarring. But, don’t worry. There’s a very easy way to combat being a part of those without a savings plan. Plan to save now.
According to the Federal Retirement Thrift Investment Board, 2018), If you invest a small amount of just:
• $30.00 dollars a month, in 30 years you would save $30,135
• $45.00 a month would give you $45,200 in 30 years
• $105.00 per month, would give you $105,475 in 30 years
• $120.00 a month would give you $120,540 in 30 years.
These are relatively small amounts to save a month to have a nice savings. Mega Bank Maryland wants to help. Our expert advisors ensure our clients completely understand risk management, and the best way to save and diversify. Diversified investing and insurance for such things as health, life, and cars can help protect you from the unexpected. The very best way to have a financially secure life is to save; and staying within one’s means is a proponent for saving. A good savings plan means knowing what you can and cannot afford. Many people fail drastically at staying within their means. When you can say, “No, I can’t afford it now;” this means you’re on the road to an awesome savings plan! Mega Bank Maryland wants to ensure you stay on that road, because you’re never too young to save, in fact, you’re at the time of your life when you can’t afford not to. We GET! Do YOU?!
Sherri's House 