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Everybody's Doing It

CNN/Money senior writer Jeanne Sahadi reported in November of 2004 that the latest findings of the Affluent Market Research Program, an annual survey conducted by market information company TNS, show that over 7 percent of American households now have a net worth of one million dollars or more after excluding the equity in their primary residence from their assets.

And the point is....?

Every so often you see a news article bemoaning the fact that Americans don't save enough, and I'm sure that there are those that don't, but apparently there are also a lot of people who do.

The creation of wealth for most people is something that is achieved over a lifetime, as over half of the people interviewed for the TSN study were retirees. If you don't have anything put aside for a rainy day, as the saying goes - you have to start somewhere, so if you don't have a savings account, open one today. The rates of return are pretty low right now, but once you have a little nest egg built up, you can move into areas that may provide better returns such as real estate or stocks and bonds. As an aside, in Las Vegas, the natural gas utility, Southwest Gas, offers a stock purchase plan that allows customers to purchase stock every month at no cost for as little as a $100 initial investment and a minimum of $100 per year. You won't get rich if you only save $100 per year, but if you save $600 per year ($50 per month) for 25 years at 5%, you will accumulate approximately $30,000.

Bank of America has a road map for anyone who would like some help creating wealth.

Start today!! Go to your favorite bank or stock brokerage and open an account. Millionaire status awaits!

Posted by Rick | May 31, 2005 09:10 AM

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