What’s your income looking like these days? If you’re like most people, it certainly doesn’t seem like enough.
A recent survey conducted by LendingClub and PYMNTS indicates 63% of U.S. households report “living paycheck to paycheck,” jibing with data from other surveys. That means that for the majority of adult Americans, every dollar of every paycheck is either already spent or earmarked for an expense as soon as it’s deposited. In a similar vein, data gathered by The Motley Fool Research team says that 66% of Americans feel like their retirement savings aren’t on track.
If you’re already cash-strapped and feeling behind, it might be easy to decide to not even bother trying to save anything. But that’s a faulty approach to preparing for the future. Even a few bucks a month could become a surprisingly big nest egg when invested wisely, and given enough time. The key is compounding.