Financial Planning

Fast or Slow, See How the Savings Grow

The #AspiringHare is known for his speed. Anything he puts his mind to, he gets there as quickly as he can. When it comes to his money, he prefers to save it up as quickly as possible. “If I save up quickly, I can enjoy the finest things in life now rather than later!” he thinks to himself. The hare has a few tricks up his sleeve when it comes to quickly adding to his savings.

The hare is smart and resourceful, and he knows just how valuable he is to his job. He spends his free time learning new skills so he can be considered for promotions at work. The better job he has, the more money he has coming in each month to save!

The #AspiringHare doesn’t just wait on one paycheck each month to save. Instead, he finds odd jobs and other opportunities to make a little extra money. He helps neighbors tend their gardens, delivers groceries, and even babysits on occasion! All the money he makes from these side jobs goes straight into a high-yield savings account that grows faster than ever!

The #CautiousTortoise prefers a slower pace in life, even when it comes to his savings goals. “Slow and steady won me the race the first time,” muses Tortoise, “Why should I do something different now?” The tortoise hopes that by saving small amounts over the course of many years, he will have enough to provide for his growing family and provide for him when he’s old enough to retire.

The tortoise knows that the best way to actually do something is to start with a plan, so he created a budget that helps him to plan where his paycheck will go each month. While some of the money is dedicated to paying bills, at least 20% of every paycheck goes straight into the tortoise’s savings account.

The tortoise also makes sure he’s putting as much money as he can in his retirement fund every year, that way he can be sure he won’t need to find a way to make money when he’s old and gray! He plans to spend all of his time in retirement with his beloved grandchildren, so it’s important that he save ahead of time.

The #CautiousTortoise chooses to forego the flashy cars and high-tech gadgets, and instead chooses to spend his money on what him and his family absolutely need. He’s found that by living with the basic materials he needs is helping to save more for future emergencies, life events, and retirement plans.

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Content Sources
1 - Bernstein, William (March 2014), How Young People Can Get Rich Slowly, retrieved from Business Insider
https://www.businessinsider.com/how-young-people-can-get-rich-slowly-2014-5
2 - Francis, Andrea (April 2020), 25 Easy Tips on How to Save Money Fast, retrieved from LifeHack
https://www.lifehack.org/articles/money/how-can-save-money-25-tips-how-save-money-fast.html
3 - Mercandante, Kevin (April 2020), How to Save Money Fast!, retrieved from Money Under 30
https://www.moneyunder30.com/how-to-save-money-fast
4 - Roth, J.D. (April 2012), Six Years of Get Rich Slowly, retrieved from Forbes
https://www.forbes.com/sites/moneybuilder/2012/04/19/six-years-of-get-rich-slowly/#47bfc2c7e4ec