Charles Brennan, founder and CEO of Las Vegas, Nevada based success story Dollar Loan Center, has spent a lifetime working in the financial industry and the music industry. It was Charles Brennan’s early experiences, as well as the wisdom that comes with helping other people achieve their financial goals, that helped the Las Vegas, Nevada entrepreneur discover the most important tips for saving money. Here, Charles Brennan shares lessons learned during his career in Las Vegas, Nevada about how to build a healthy savings account in order to retire comfortably when the time comes. According to Charles Brennan, it’s important that investors and savers alike follow these tips:
Determine goals.
According to Las Vegas, Nevada businessman Charles Brennan, the first step is to consider your financial goals. Do you want to have a certain amount of money saved up before a specific age? Do you want enough money to put your kids through college, or do you need money to retire? Whatever the end game goal, Charles Brennan says it must be identified before real progress towards saving can be made.
Be realistic about the time frame.
According to Charles Brenna, saving by a 25-year-old in his or her first job looks much different than it does for a 50-year-old who is concerned about retirement. Charles Brennan believes one must first assess his or her age and goals. If a person is in his or her 20s and on a solid career path, states Charles Brenna, a goal of $1 million by the time they turn 65 may be realistic. Charles Brennan believes older adults should keep their goals realistic, especially if their initial savings are sparse.
Choose only the most important goals.
Charles Brennan believes it’s vital to learn to separate wants from needs very early in life. But even older adults can benefit from this advice. According to the Las Vegas, Nevada based businessman, anything that doesn’t keep a person alive or otherwise make him or her wealthier is a want. To achieve desired savings, those purchases should be delayed for as long as possible, or perhaps eliminated altogether, says Charles Brennan.
Include your family.
According to Charles Brennan, saving money can be difficult if a spouse or children aren’t onboard with the idea. If a spouse earns his or her own income, Charles Brennan advocates getting him or her onboard in order to accelerate your savings goals. It can be more difficult to keep kids in line with a savings philosophy, especially if they are used to a certain lifestyle, but if they buy into the idea of savings, this will be valuable for them when they get jobs of their own.
Start today.
Charles Brennan feels that the most important part of saving is to start right now. Every single day that passes that you aren’t saving is a day when you aren’t earning any interest on your own money and letting it work for you. So start today, admonishes Charles Brennan!
