In this week’s Mullooly Asset Management video Tom and Brendan try to make sense of reactions to a recent Dave Ramsey tweet. In the tweet Ramsey said, “Saving only $100 per month from age 25 to age 65 at 12% growth = $1,176,000. Everyone should retire a millionaire!”, which is mathematically accurate. However Ramsey’s math skills are not what is being questioned by naysayers. People are upset because they think (and rightfully so) that it is nearly impossible to find an investment that will yield returns of 12% over a forty year period of time. While they may be correct they might be overlooking the main message of Ramsey’s tweet. Tom and Brendan discuss how Ramsey’s general message to his Twitter followers is to SAVE MONEY. Retirement planning, and financial planning in general, require that you take the initial step to save some money. Without saving money, nobody would be able to retire comfortably. Isn’t that what most of us are after? Speaking of retirement planning and saving money, did you know that 30% of American families have no savings account? Learn more about Ramsey’s tweet and also that alarming statistic about savings accounts in this video.
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