VIEW FROM THE TOP >> Save early and often

By Master Sgt. Brooke McLean
314th Airlift Wing command chief


The military is launching a new campaign later this month, and it might change your life … in fact, I hope it does.

The “Military Saves Campaign” is a Department of Defense initiative targeting an area near and dear to my heart.

I’ve commented before on my concerns about the amount of debt carried by the average American and a quick Web search reveals that total consumer debt (not counting mortgage debt) is $2.46 trillion.

Trillion … I nearly had to take my shoes off to count the number of zeros for that number. Financial freedom and debt-free living is a goal we should all share, and I have a strategy that doesn’t miss. For many Americans the concept is hard to grasp, but here it is: Don’t spend money you don’t have.

Even better, save money for future needs. Saving for a rainy day is more than a trite saying – you will have crisis (rain) in your life and having an emergency fund can keep you from falling into debt during tough times.

Additionally, saving money gives you access to what I call the “Eighth Wonder of the World” – the miracle of compound interest.

The critical piece of this miracle is time. The longer you save the more the compound interest works for you.

If you save $20 per week and earn 10 percent interest, you will have more than $500,000 in 40 years.

If you want more details go online and play with the interest calculators available. It will open your eyes to the power of compound interest, and why you should be saving money.