Savings account

You should put a certain percentage of your salary into savings every month

Salary and wages are the main source of income for most middle class pepople. The upper classes, no matter they were old money or new money; they tend to have more assets that can bring them interests and rents. Most of us underetimate the power of a savings account. We just put all our money in a checking account, and most of time, we accrue debt to support our lifestytles. Don't you think this is wrong from the wealthy people's point of view? Only if you have assets that can generate interest you can have financial stability. Once you have financial stability, you will have more freedom to choose what you want.

To put a cerain percentage of your salary into savings is not a difficult thing. Many banks allow you to have different accounts for different purpose. For example, if your bank is Washington Mutual, you can have a checking account for daily expenses, and there is no maintenance fee. You don't have to keep a $1,000 balance as you did with Bank of American. In addition, it allows you to transfer a certain amount of money into your savings account automatically. Everyone can easily do that when she or he is willing to do it.

Some people might think it's a hassle to deal with so many accounts; it takes too much time to care for different accounts for different purpose. If I were a minimum wage worker,why on earth should I have so many accounts with so little money? But of course, we can't forget those lucky people who won big playing the lottery, who spent all their money and then went bankrupt shortly after. They have the same problem, they didn't have a savings account, and they didn't plan for their future.

It's never too late to change your saving habits; starting with a small amout of money. We all know that "great oaks from little acorns grow." If we can change our mindset and be willing to learn the secrets of the millionaire mind and working hard, maybe one day we can become a millionaire too. Let's think as rich people, starting from saving.