We should have a National Saving and Investing Day. It should fall on the same day every year, preferably on the 1st of a month, when many Americans are getting their paycheck. With so much hype in the Fall around Black Friday, Small Business Saturday, Cyber Monday, and Giving Tuesday*, we are throwing our money everywhere. However, we are missing one important entity that should be receiving some of this money: ourselves.
It’s time to make saving money and building our wealth a priority, not just for the few of us that read personal finance blogs, books, and articles, but for the people that never learned personal finance strategies, the ones that don’t believe that they can get out of debt or ever retire. Perhaps changing the way people think about money can start by getting them (and the media) to focus completely on it for just one day.
And perhaps even more important than saving for this new holiday is investing. Saving is one of the most powerful financial tools, but it is a concept that is easy for everyone to grasp. Investing, on the other hand, can be a little more daunting. On National Saving and Investing Day, let’s encourage people to open up an investment account. Investment companies can lower their initial investment minimums on this one day, so you only need, say $25 to open an account as long as you set up an automatic investment (I am sure they can create new products that make this promotion financially viable).
Once people see that they can invest and they can save, then it is up to them to continue doing so. Currently, they don’t even see investing and saving as a choice. Let’s give them that choice! Let’s get people on more stable financial ground and improve lives across the country. Let’s show them that they can be financially viable as well.
That’s my thought for today, anyway. What do you think? Would a National Saving and Investing Day help? Is there another solution?
* To clarify, I fully support Giving Tuesday. I think being charitable is important. I think that being financially savvy is important in addition.
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