Who Wants to be a Millionaire?
Admit it, you watched and dreamed of winning the BIG MONEY. You pursue the American dream and buy into the Madison Avenue hype. The advertising industry wants to keep you in slavery. Sadly, tens of thou- sands of Americans do just that. Spend now, pay later and pay, pay, pay. Now you can show your kids a way that they can be a millionaire.
Letʼs do a math problem...
Ben invests $2000 dollars a year starting at age 19 and after he turns 27 he doesnʼt add any more money to that savings account. Arthur doesnʼt invest any money until he is age 27 and then invests $2000 dollars every year until he is age 65. Who has the most money at age 65?
At age 65 Arthur has a nice little nest egg. He has grown his money to $1,532,166. Heʼs now a millionaire after scratching and saving $2000 dollars a year for 38 years. How did Ben do? Remember he stopped adding 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 account. Thatʼs right! Ben wins because he started saving early and let the magic of compound interest do the rest. Imagine what he would have if he would have continued to add the $2000 a year!
The sad statistics...
- 19% of Americans between the ages of 18-24 declared bankruptcy in 2001 - USA Today, 2001
- The fastest 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 millionaires by
starring in a reality TV series than by learning how to budget and save wisely (36%) -Visa USA, 2003
The Bible has much to say about money. Jesus said, “Oneʼs life does not consist in the abundance of possessions” (Luke 12:15) and Paul modeled, “I have learned to be content whatever the circumstances” (Phil. 4:11) Teach your kids to save early and donʼt touch the saving.