Future Deposit

Saving money is for everybody, the man that has a lot and the man that has a little. It's not how much you make, it's what you do with your money. Point in case the person that spends everything they have on stuff they don't need vs. the person that saves a bit of their earnings every week to start creating wealth and let's not forget legacy.

You want to develop a healthy habit of saving money. You've never done it before but you want to learn the effects of consistently saving. Consistently doing anything that works together for your good will develop positive fruitful habits. First let's not underthink this, the amount of interest matters, how the interest accrues matters, and how consistent you'll be adding funds to this account. Let's research which are the highest yielding savings accounts available, are they brick and mortar or internet only? You don't want to put such large amounts into the account that you are going to be withdrawing them every time you need a little extra cash or a bill is short. You've chosen a bank or credit union and you're ready to go. They also compound interest, which means interest on top of interest. We're in business, we're ready to save.

Do the math:

Starting deposit is 50 dollars, there are no fees as long as your balance doesn't drop below 50 dollars. Every week you deposit 25 dollars. The annual percentage rate is .30% and they compound quarterly. You opened the account on January 2, 2021. Here we are arriving at July 2, 2021 and now you've added some birthday money, which was a check for 100 dollars. You are on a roll and now on August 30, 2021 you've increased your weekly deposit to 35 dollars. You start doing this at the age of 17 or maybe age 37. Now of course over the years your investing strategy will change and elevate. Sky is the limit, only you know what this savings account will turn into. If you don't make future deposits into you, who will. Start somewhere, start now.