People unable to save during booming economy


HOUSTON - You'd think it would be pretty easy to set aside some money with how well the economy has been doing, but certified financial planner Troy Sharpe says too many don't understand how to save and are undisciplined when it comes to spending.

"As soon as you get paid, you should set aside 5, 10, or 20 percent of our paycheck and saving it at that time."

Sharpe, also, says folks don't understand the power of compound interest. "The interest on your money starts earning interest, and then that interest starts earning interest. It's like a snowball that starts at the top of a mountain. It's small at first but as it keeps going down, it keeps getting bigger and bigger."  

Sharpe advises you to start saving as soon as possible because then you can take advantage of that snowball effect of money growing.


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