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If you walk into most banks today, you will see signs and banners hanging from the ceilings imploring you, the consumer, to begin savings and investing plans now. They have wonderful facts and figures, such as, the average college education will cost approximately $93,775.00 by the year 2013. Another one I've seen is if you want to retire in the year 2015, you will need to accumulate a nest egg of about $1,700,000.

The figures for college education are based on an average 1995 tuition, and fees, room and board of $23,886 for private schools and $7,442 for public schools per year.

The retirement figures are based on an a current annual income of $75,000 and an annual retirement income at 75% of the current salary after inflation.

The numbers cited above are actually on brochures at a well-known western bank. The idea behind these banners is that when people see these figures they will get into gear and start their savings plans right now. Why not, the numbers don't lie and they do hit the money button don't they? I mean take a look at your lifestyle right now. How would you go about obtaining those kind of funds? Remember, you have about twenty years to go until 2015.

The answer, according to the banks, is to start saving now, (regardless of the amount), in a disciplined and methodical manner. This is money that you are investing in your own future in a positive and practical way. You are not saving for an emergency, you are saving for something that you want to experience, for example, being able to send your kid to college or having a relatively care free retirement.

The people, I believe, who could most benefit from this information are young people, those just out of college or high school. The decade from twenty to thirty statistically is a decade of waste when it comes to savings and preparing for the future. Most people at this age are too busy having fun, adventure, gaining life experience, etc. to be bothered with saving money. However, let me put some simple figures down on paper so you can see just how a little bit of savings in that decade before you reach thi rty can change the scope of your options in life.

If you are twenty and started to put $100 a month into some sort of investment fund that earned 12% annually, in ten years you would have accumulated about $25,000!

So you can see that in just a short decade you could have enough savings to set yourself up in a small business, or to make a down payment on a house. In short, you would be able to control the flow of your economy throughout life.

Here is another look at some numbers that will astound you. Let's say you decided you were going to put $61.00 a month aside from now until you retire at 65. If you start at the age of twenty, in an investment earning 15% interest, you would accumulate $4,000,000.00 by the time you reach 65! Let's say you are twenty, get married by the time you are twenty-five, and have one child by the time you are twenty-seven. That first $25,000.00

I mentioned above would be $233,908 by the time your kid is ready to go to college. At that time, statistics show that the cost of a college education will be about $100,000.You would have more than enough to put them through school and the remainder by the time you reach retirement age would now be equal to $2,640,062 more than enough for your retirement years.

The reason why these numbers increase so vastly is due to compound interest. In other words, the money earns interest and then as the interest is added to the original principal the new interest earned is added to that. As you can see from the way the numbers above seem to leap into the millions of dollars, compound interest can be your very best friend.

This is why banks love for you to use credit cards. In most cases you have borrowed money and are paying up to 19.8 or 21% interest compounded annually. They encourage you to make minimum payments because that way they keep collecting their interest year after year. Well, you can do the same for yourself.

There are all sorts of investment and savings strategies available these days. You might start with a trip to the public library, where there is tons of free information about how to save money, or even a trip to your bank to sit down with an investment manager for a half hour or so. It is absolutely their pleasure to talk with you about savings. Also the Internet has megabytes of information about investing. There is nothing to be intimidated about when it comes to savings, and the beauty is that you can l earn more as you go. The key thing to remember is that starting sooner is better than later! Don't let a decade go by without building for your future.

Now of course, there are some other factors not included in the above figures. I have not shown how all of this accumulating dough gets affected by taxes, nor have I indicated how increases in earnings and savings will dramatically increase your savings. Many people seem to believe that the social security system will take care of their retirement needs. In other articles in the American Spirit we have talked about the sad state of affairs regarding Social Security, so I will not get into the details here. Suffice it to say, that it is up to you to take care of your own security, the government is not going to do it for you. The only way to do this is to start, right now, on a methodical course of savings.

The other aspect of being able to have sufficient funds for these big ticket items like college and retirement have to do with creating a lifestyle that is realistic for what you are presently earning. In other words, don't spend more than what you have. How can I spend more than what I have? That is where the trap of misused credit comes into play, but we will cover that in another article.

Disclaimer: Neither the author nor the American Spirit newspaper specifies, suggests, supports, condones, guarantees, or recommends any particular type of investment or any particular modality of savings. Please seek the advice of your mentor, broker, investment counselor or other professional familiar with this field of expertise. Sterling Rose Press, Inc., its officers, directors, staff and volunteers assume no responsibility or liability to anyone for any reason whatsoever, should they choose to foll ow what is written herein. You do so entirely in your own judgement and completely at your own risk. - Editor

Copyright © 1996 Sterling Rose Press, Inc.