Skip to main content

Futureproofing: 1/10th



Twenty-eight percent of Americans have nothing in their savings accounts and another twenty-one percent don't even have a savings account, according to a recent survey. Another survey revealed that a majority of Americans can't cover an unexpected $400 expense without going into debt. It wasn't always this way, nor should it be now.

Saving money isn't hard, but it does require discipline. It doesn't even require a savings account, if cash is your thing (if so, I fervently suggest keeping your stash in a safe or other lockable box, preferably one so heavy as to deter stealing the whole box). The amount of how much to save is a shifting target; I've been told to save amounts ranging from "all you can" to certain percentages to whatever change is in pocket. A figure that works for me is ten percent.

Ten percent is the amount prescribed by many religions. Also known as tithing, the practice predates currency, when one was expected to sacrifice one tenth of one's harvest, be it crop or livestock, then grew to include money as society progressed. This same figure is proposed in more secular practice, including the book The Richest Man In Babylon, a fine piece of financial advise disguised as ancient parable.

The key mindset of saving is the knowledge that part of all you earn is yours too keep. Resist squandering your earnings as best you can, and forgive yourself for the occasional indulgence. Discipline is the key. Got ten one dollar bills? Keep one, then repeat.

Comments

Popular posts from this blog

In Memorium: Shaun Mullen, A Most Generous Man

Author, editor, blogger, and so much more Shaun Mullen has passed. Noting his blog  Kiko's House  hadn't been updated in a while, I did a search and discovered his  obituary . My friendship with Shaun goes back to 2006. While living in Australia, I'd discovered his blog when searching for informed commentary on US foreign policy in the Middle East. Sadly, much of that policy remains unchanged 14 years later, but that is for another post. Shaun  had noticed that his blog wasn't rendering correctly in Internet Explorer and asked if anyone could suggest a fix. I, being a bit of a tech head at the time, suggested Firefox or similar browser, and the problem was solved. We kept in and out of touch, finding common ground in music (I mentioned my love for the Grateful Dead and Shaun sent a dozen CDs of concert recordings. By International mail. The man was generous to a fault.), worldview, and more. My old site got its greatest number of hits when Shaun linked to a few of m

Quote Of The Day, Kafka Edition

I usually solve problems by letting them devour me.  - Franz Kafka

The World In Which We Live: Premature Reopening Edition

I don't even know where to begin. Despite there being no effective treatment, vaccination, or the much-discussed herd immunity, many states are relaxing social restrictions put in place to mitigate the spread of Covid-19. My home state of Georgia was among the first to do so (my sense of timing and location is impeccable). Instead of a state economy charging out of the gates like a racehorse, we get this: An 83% increase of confirmed cases in my county, which is mostly rural with a small industrial base, 90 miles from Atlanta. But freedom, amiright? I find it utterly amazing that people find being instructed to stay in their homes and take extra precautions to prevent becoming infected with a fatal disease a form of tyranny. When did "Wear a mask and wash your hands regularly" become equal to tanks in the streets? I understand wanting a haircut; Hell, I need  one but don't want to kill my barber, a nice guy who fits nicely into the at-risk category. Do