Today is August 25, 2017.
That means 236 days have passed so far this year.
How has your financial journey been this year? Have you saved a lot of money? Maybe more than usual? Or less than you had hoped?
Personally my net worth has increased by almost $40,000 so far this year. This is from a combination of (mostly) savings and investment returns.
To put that in perspective, that means my net worth has increased roughly $5,000 per month. Or about $1,176 per week. Or $169 per day.
Let’s see how much you (or anyone) could have saved so far this year by looking at some daily, weekly, and monthly savings scenarios. We’ll assume you invested your savings in an index fund like the S&P 500, which has returned 10.39% so far this year.
I find that saving thousands of dollars (or tens of thousands) is a little less daunting when thinking about it in terms of daily, weekly, or even monthly savings.
If you have trouble saving money, start with tiny goals. Can you save $10 per day? Or maybe $100 per week? Or $1,000 per month? These savings turn into a money snowball as time goes on.
Short-term savings goals can help create long-term wealth. Let’s use the next four months of 2017 to diligently save our money and inch closer to financial flexibility and ultimately freedom 🙂
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