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Article Title:
Simplified Personal Finances can Boost Savings, Ring in Financial Freedom

Article Description:
In a report filed on January 30, 2006, Associated Press said that 
the savings rate for the average American has dipped to its 
lowest levels since the depths of the depression in 1933...

Additional Article Information:
786 Words; formatted to 65 Characters per Line
Distribution Date and Time: Thu Feb 16 03:14:23 EST 2006

Written By:     Shri V. Srikanth
Copyright:      2006
Contact Email:  mailto:[EMAIL PROTECTED]

Article URL: 

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Simplified Personal Finances can Boost Savings, Ring in Financial Freedom
Copyright © 2006 Shri V. Srikanth
Character & Wealth

In a report filed on January 30, 2006, Associated Press said that 
the savings rate for the average American has dipped to its 
lowest levels since the depths of the depression in 1933.

Other reports on the subject indicate that a large number of 
employees continue to ignore the 401(k) plan as a retirement 
savings vehicle in-spite of increasing incentives from the 

It has also been found that other plans such as Traditional IRA & 
Roth IRA suffer a similar lack of participatory zeal, even though 
some of them offer some excellent benefits.

The reasons for this lack of savings range from:

1. I don't understand them

2. I don't know have enough money

3. I have no clue about investing

4. The future is not a concern yet

Employers on their part, in an attempt to improve participation 
rates, have hit upon at least one technique that works well:

Default the employee into the 401(k) or other similar plans, and 
have the employee have to make an active choice to not 

This simple change has resulted in an increase in participation 
rates to the 85%-90% levels for those firms.

A simple truth about savings and money emerges from this:

We do not want to, or like to, think about money, savings and 

If one pays attention to this thought, what it is shouting out 
for is:

Keep it extremely simple, for I do not want to think about it.

Simplifying personal finances, and making it automatic, is the 
best hope for each of us to get into the saving and investing 

As the first step in simplification, you can:

1. Make sure all savings are automatically deducted from your 

2. Choose one savings vehicle, say, the 401(k) plan, and begin 
contributing up to the amount that is matched by the employer 
(the free money!)

3. Get help for investing

Just taking these three steps will significantly improve the 
future outlook for retirement for each of us. Keep it simple. But 
it gets better.

Foundation for Financial Freedom

A basic discipline towards personal finance goes a long way 
towards building a nest-egg. But taking only a few extra simple 
steps can launch you towards total financial freedom:

1. First, put money away into 401(k) to get the free employer 

2. Maximize Roth IRA contributions

3. Take the help of investment newsletters to learn how to 
outperform the market

4. Let your money grow through compounding

The above steps can begin building your nest egg, and combined 

1. Frugal living

2. Paying off Debts &

3. Buying a reasonably sized house

and doing related common sense activities, one can visualize a 
golden retirement in say 25-30 years.

Which is great as this will add hugely to your wealth and that of 
the country! A few more steps could shave 60% of your time to 
freedom though!

Financial Freedom In Ten Years!

Of course this path of the slow and steady is a turn-off to many! 
You may like to get to that financially independent state 

And while overnight success stories are rare, those achieving 
financial independence in a decade or less are not so uncommon.

These individuals:

1. Increase their savings rate into the 30%+ range

2. Maximize portfolio returns with the help of financial advisors 
or expert investment newsletters into the 20%+ range

3. Take every tax advantage available (including capital gains 
tax, dividend tax, tax-deferred plans)

4. Develop extra income sources through own side-business that 
diversifies their income stream and reduces income risk

5. Always work hard at their primary career to increase their 
value at their company, and thus pull in substantial income from 

Following these simple steps will build a substantial net-worth 
for you, using which you will be able to free yourselves from job 
dependence in a short-time (sometimes as quickly as seven years 
from the time you start with earnest).

Many Roads to Financial Freedom

The above listed pathway is not the only pathway to richness. 
There are those who solely concentrate on building their 
business, and there are others whose business is investing or 
real-estate and so forth.

While these roads are open to you, it might be far less 
disruptive to benefit from the compounding of incremental 
improvements in

1. Income

2. Personal Finance &

3. Investing

and ride towards financial freedom in under a decade!

While there are many good websites that talk about the individual 
pieces of this puzzle, at Character & Wealth (and I am biased 
here, but I think with good reason), a complete picture is 
presented with the necessary tools and community support to 
achieve the goal of total financial freedom in under ten years.

Shri V. Srikanth is a member and author of several articles at 
Character & Wealth, an online community dedicated to bringing 
total financial freedom to its members in under ten years. 
You can contact Shri at [EMAIL PROTECTED],



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