First, let’s define a “Saver.”
It is someone who is “addicted” to saving.
A good example is when a young person is exposed to the concept of saving or delayed gratification. When given the choice of spending a dollar or waiting a week and having 2 dollars. Once they make the decision to wait one week and get that dollar and still have a dollar. The next week it will happen again, so they realize they will always have a dollar to spend.
Then they are taught if they wait 2 weeks they get 2 dollars. Once they get that concept, they only want to save, and not spend anything. They then go looking for ways to add to the saving!
That’s the mindset of the saver! But it becomes addicting. They don’t want to spend anything, but denying oneself becomes destructive.
They need to be taught to take a percentage and enjoy the fruits of their delayed gratification.
That is a balanced person.
One needs to learn the law of compounding. If you learn that investing as much as possible in the beginning, reinvesting all the returns, and not withdrawing until the first goal is reached. At that time the withdrawal is from the profits only, and will never affect the balance that generates the withdrawal amount.
So if you want to withdraw $1000 you wait until your profits are $1000 on a continuing basis plus able to increase your profits to $2000, and on and on. So one needs to wait until the growth is more than $1000 to take that amount.
And remember to enjoy that $1000 in the way you have planned. An experience would be best. A house or a car that most people want is not the best way. Plan a trip or a visit place that you always want to do. You will be much more satisfied.
Not that a house or car isn’t a worthy goal but it should be for a practical purpose, like your car is in so much need of repair that a different one is best. A house may be necessary for a growing family that is running out of room.
One can really get inspired though to save because watching the balance grow is exciting. To see your initial $1000 grow to $10,000 is amazing.
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