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Created with Fabric.js 1.4.5 3 reasons to save Emergency Purchases Build Wealth Emergencies are going to happen.Saving up money specifically foran emergency will help so themoney used for that emergencywont come out of another account. As a teenager, an emergency mightyou drop your phone and it breaks.That will be probably be a $500 bill.As people get older, emergencies likethe heat going out will be more expensiveand can take out a lot of money from anaccount for that is needed instead of havingthat money stored away for somethingspecifically like that. Everybody has certain things that they want to buy. If you wait and save, you don't have any debt to pay back plus the interest. A good way to save for big purchases is using a sinking fund. You takethe price of your item that you are savingfor divided by the number of months thatyou will save to get that item. For example,someone wants a T.V for $200 and wants to get it in 5 months. They would take 200divided by 5 and get 40. They now have tosave $40 a month to get that T.V. Everyone wants to have more money. Building that wealth takes time and discipline, though. It is also something that you have to start early with. The earlier you save, the more interest that the accountcan earn thus, collecting more money for more years. You can only invest a small amount of money, but make sure it is early on in life. That small amount will collect a lot of interest over the years. In thegraph to the right, it demonstrates how it started small, then grewexponentially. 3 Reasons to Save Emergencies Purchases Build Wealth
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