bank rates

What Turbocharges Your Savings?

Poll QuestionYou don’t save a million bucks or more without making a few sacrifices along the way.

CNN Money recently interviewed savers about what they gave up in exchange for a hefty retirement account.

One man who has saved $3 million – $1 million by age 47 – has never taken his dream trip to Europe. Road trips, cheap cars and low-cost gym memberships have also helped him squirrel away 25% of his income annually.

A government employee sitting on $1.1 million stayed in a three-bedroom starter home even though he and his wife, and their $250,000 a year in combined income, could easily afforded a mortgage payment of more than $1,325 a month.

A university lecturer who’s been debt-free since his 20s built a $1.1 million nest egg. Since he didn’t have to devote any of his income to debt payments, he was able to max out contributions to his retirement accounts.

Frankly, these stories aren’t surprising – although they are more extreme than the habits of your standard penny pincher. While those folks certainly do a good job at cutting expenses, clipping coupons and cutting cable bills (or cable TV altogether) won’t add this kind of cash to your savings accounts.

These high-powered savers also have the salaries to back up this level of saving. They just haven’t given in to increasing expenses along with their salaries.

We like that they haven’t fallen victim to the old “the more you make, the more you spend” adage.

We should all take note of that lesson.

Now, our question is for Bankaholic’s savvy savers.

n

n

n

n

n

n

n

n

n

What have you given up to boost your savings?
  • Add an Answer
View Results

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (7 votes, average: 5.00 out of 5)
Loading...
No Existing Comments

Comments are closed.