How many of your current bills go toward technology that didn’t exist ten or 15 years ago? Taking a look at my personal budget, 7.5% of my total monthly spending goes toward basic cable, internet and cell phone bills—all of which have only recently become staples in our lives.
If that doesn’t mean much to you, consider this fact—if I were to take the money that I spend each month on these "new" technology bills and start putting it into my savings account at just 3% interest, I would total over $41,000 in additional savings after 30 years. And this doesn’t even include all of the latest techno-gadgets that I spend my money on.
To calculate your own spending, check out the Compound Interest Calculator.
Just something to think about.
Photo Source: DavidDMuir
This is good food for thought. I’m sure if everyone would take inventory of how much they spend on gadgets and m4p’s, they might discover that they have enough income to fund their 401(k)’s after all. Good advice!
Robert Sofia