Turn Small Savings Into a Big Nest Egg
According to the U.S. Bureau of Economic Analysis, the personal savings rate of Americans has ranged between -1% and approximately 4% between the years 2005 and 2009. Americans' nonchalance was reflected in the negative savings rate of fiscal 2005, which occurred as people reduced their savings and delved further into debt in order to purchase goods and services. Although the savings rate had rebounded to 6% by May of 2009, as global financial crisis forced many consumers to adopt more cautious spending habits. Despite the about-face in consumer spending habits, in many cases, the attempt at saving proved too little, too late. Read on to find out why you need to save no matter what the economic climate. Why You Need to Save More from robertjrussell.com : • Texas Foreclosures • Insurance Online • Search the MLS! While individuals should avoid excess (and high interest) leverage/debt and prudently manage cash flow, there is also a longer-term need to ensure one has adequate funding s...