"HSBC found that 49% of respondents with at least $250,000 in income aren't saving more because they simply 'want some spending money.' In 28% of the cases for those who earn between $100,000 and $250,000, respondents say they do not save more because 'something unforeseen always comes up.' And in nearly one in 10 situations, people who earn $250,000 or more say they aren't even earning "enough to make ends meet as it is."
Indeed when HSBC asked what prevents them from saving more, the top answer was the need to pay everyday bills, with 34% of respondents of those who earn more than $250,000 concurring. "
Saving is about discipline and making choices. Saving doesn't just happen when income grows. As I have written before, saving is the starting point to building wealth. So it is important to save, no matter what one's income is.
For more on The Practice of Personal Finance , check back every Wednesday for a new segment.
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This is not financial advice. Please consult a professional advisor.
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