How to start saving for retirement with little to no money

In this episode of Financial Advisors Say the Darnedest Things, A.B. Ridgeway provides practical and actionable tips for anyone struggling to save money, regardless of their income level. He tackles two key problems: the misconception that saving a set dollar amount is the key to success and the lack of clarity about what you're saving for. A.B. introduces the concept of saving by percentages rather than fixed amounts, offering a simple yet effective strategy to build the habit of saving. He explains how saving even a small percentage of your leftover income, such as 10%, can lead to gradual growth in savings over time. Whether you're saving for an emergency fund or retirement, A.B. emphasizes the importance of creating sustainable habits and understanding the purpose behind your savings goals. This episode will help you shift your mindset and develop a more effective approach to personal finance.

Key Takeaways:

1. Save by Percentages, Not Fixed Amounts – A.B. emphasizes that saving a percentage of what’s left over after bills, even if it's just a small amount, is more sustainable than setting a fixed dollar target. This method encourages building a habit of saving consistently.
2. Know What You’re Saving For – Before you start saving, it's crucial to define your goals. Whether it’s for an emergency fund, retirement, or something else, having clear intentions makes your saving efforts more focused and effective.
3. Gradual Growth Leads to Financial Security – By saving small amounts consistently, you’ll develop the habit of saving, which can eventually lead to larger savings as your income increases or expenses decrease.

Quotes:

1. “You are going to invest or save by percentages. Everyone can save by a percentage. It doesn’t matter how small. The important part is getting into the habit.”
2. “If you don’t know what number is going to give you financial security, you’re always going to be wanting more, because there’s always one more dollar to make.”
3. “The key to saving for your future isn’t how much you save, but the habit of saving. Even a small percentage over time makes a big difference.”

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