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“Try to save something while your salary is small; it’s impossible to save after you begin to earn more.”– Jack Benny
In a training I attended some years back, the facilitator explained the power in this quote. I will share what I picked to the best of my recollection.
He began by asking how many participants believed they earned enough money. No participant raised a hand. He smiled and paused the second question: How many of you are saving and investing? A few participants put up their hands. He smiled again and asked how they are saving and investing when what they earn is not enough.
So, saving and investing whatever little you can when your salary is small is the beginning of your financial growth. When you are not used to saving and investing using your small earnings, it will be harder to save and invest even when you begin to earn more.
Therefore, this quote underscores the power of building a saving and investing habit early irrespective of your income level. Creating this discipline will set a strong foundation for avoiding spending the same way even when your income level increases. You are reminded to nurture a saving and investment habit that will make a significant difference in your financial life in the medium to long term run regardless of your income level.
