I’ll give you an example, I’m a single mother of two, and we have no savings.
But the savings that we do have are in a savings account that I’m trying to manage, and it’s $500,000.
So I’ve got a $200,000 nest egg that I don’t know how to use, so I’m using it to invest, and then to get into a savings strategy.
And when you look at that nest egg and the total amount of money that I have in it, it doesn’t really matter to me if I’ve saved $50,000 or $200000.
It’s just a matter of knowing how to manage it.
So, you know, I’ve seen people saying, “Oh, that’s not really a good idea.”
And I’ve said to them, “No, you’re wrong.
That’s a good way to look at it.
Because you can manage your savings.
You can save for retirement.
You’re not going to go bankrupt.
And, you’ll be a millionaire.”
I mean, it’s a lot better than you’re going to get a job, I suppose.
I think it’s pretty amazing.
I’ve also seen people go, “Well, you need to save up more money, because you’re not a millionaire, and that means that you’re still going to need to make up the difference in taxes that you’ll have to pay on your income.”
That’s just nonsense.
There’s no way you can do that.
So if you want to be a very, very wealthy person, you should have at least $500 to $1 million in your bank account.
And you’re very likely to do that if you’re a single parent.
And that’s a pretty good way of thinking about it.
And if you really want to save, that $500 is a very good starting point.
I have no problem with people saving a little bit more, but I don, you’ve got to be smart about how much you’re saving, and the right amount, too.