This New York Times article about savings is about how to develope proper savings habbits and why you should start at an early age. The artivles advice on how to develop good saving habbits, such as deverting 10% of your income to savings, or keeping track of all spending and cutting out the fivalous spending. The article then goes into further detail about reasons to save, such as the raising cost of health care. The aurthor also states that if you get used to saving, you will become accostumed to living on a tighter bugdet, thus making retirement easier, which I thought was goog insight. It is important to start saving early because with compund interst it is better to start early and save less than to start late and save a lot. The author gave these figures:
"Bank $250 a month for 40 years in a I.R.A. or a 401(k) and you will receive about $500,000, assuming a 6 percent return. Start at age 45 and you would have to put in $1,078 a month to generate the same amount by age 65."
In closing, it is good to save money. Period.
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