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by George Salloum, CPA, CGMA | Apr 14, 2022
When it comes to mapping out your financial future, no habit is more important than that of saving, which is a lesson I learned shortly after graduating college. At that time, I was 23 years old, married, with a 2-year-old child at home and a newborn on the way. So, when a friend explained the importance of saving to me at such a young age, it was the furthest thing from my mind, as I was just trying to get by and support my family. Thankfully, however, I took my friend’s advice and began saving. It has since provided me and my family with the financial security that it promised long ago. Yet, the most promising news is this: securing a financial future is possible for everyone, regardless of income level, but it requires disciplined saving, which is the cornerstone of all good financial habits.
Now you may ask yourself, why save? The unfortunate reality is that most people today are living paycheck to paycheck and do not have the financial resources to handle life’s most important needs. However, saving provides the security to overcome these financial hurdles by providing a variety of benefits, including:
Although the idea of saving can seem a bit overwhelming at first, it begins by simply putting a plan together and following it. To help you get started, here are some practices I have found to be very useful over the years:
Saving is a habit that is built over time, it doesn’t just happen overnight. Moreover, it is the cornerstone of all good financial habits and will provide a lifetime of benefits. If you need further guidance on saving, there are many great books and resources available. However, the single most important action you can take is to begin saving today!
By George Salloum, CPA, CGMA Elevate Corporate Advisors CEO (and Owner)
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