Is Super Savings The Fastest Way To Become A Millionaire? (#293)

Financial Advisors Say The Darndest Things

A.B. Ridgeway explores the phenomenon of supersavers—individuals who contribute significantly to their retirement savings. He discusses the historical context of supersavers, their financial habits, and practical strategies for listeners to become supersavers themselves. Ridgeway emphasizes the importance of consistent saving, the power of living below one’s means voluntarily, and the benefits of making saving as automatic as bill payments.

Key Takeaways:

1. Historical Context of Supersavers: Financial crises, such as the Great Depression, the 1980s stock market crash, the dot-com bubble, and the 2020 global events, have led to generations adopting conservative saving habits. These periods of economic uncertainty have underscored the importance of financial preparedness and the role of supersavers in weathering financial storms.
2. Understanding Supersavers: Supersavers are defined by their ability to save more than 10% of their income, often prioritizing their financial future over immediate consumption. This disciplined approach allows them to build substantial nest eggs, ensuring financial security and the ability to maintain their lifestyle in retirement.
3. The Discipline of Saving: Ridgeway emphasizes that saving is a challenging yet rewarding discipline. Choosing to save means choosing a different kind of hardship—one that brings long-term benefits. Voluntarily living below one’s means is preferable to being forced into financial constraints due to lack of preparation.
4. Automating Savings: Just as many people automate bill payments, supersavers automate their savings. By setting up automatic contributions to their retirement accounts, they ensure consistent and disciplined saving without the need for constant decision-making. This method leverages the same convenience that leads many into debt, turning it into a powerful savings tool.
5. Community and Support: Engaging with a community that values saving can reinforce good financial habits. Discussing savings goals with peers, joining financial literacy groups, and attending webinars can provide valuable insights and motivation. Seeing others succeed financially can inspire and guide one’s own journey toward becoming a supersaver.

Quotes:

1. "Every financial tragedy has created a generation of supersavers."
2. "You have to choose your hard. Savings is hard, but living in debt is also hard."
3. "There are no microwave millionaires. Consistent contributions at a high rate over many years are key to building wealth."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.