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money from his accounts that he currently has less than $100 left. Likewise, I have many clients who have never earned more than a quarter of what this man earns in one year who are worth a million dollars or more.


I have clients who are deceptive savers. They will come to meetings with me and tell me how much they have saved, or that they have X amount in their bank account. Then they ask, “Aren’t I saving so well?” On the surface, it sounds as if they are doing a great job. They are retired, so any additional saving on their part would be great. However, the truth is that they aren’t doing any saving. The money they have “saved” so well has, in fact, come from their investments with me. They call my office and ask one of my licensed assistants to send them some money from their mutual funds. Then, the money they don’t use goes into their bank accounts, where they “save” it. Truly, they aren’t saving anything. Rather, they are spending the money they already saved. But these people think they’re doing a great job.

Another example of when saving isn’t really saving is a sale at a store. Stores always say they have amazing sales going on. Department stores are notorious for this. They’ll hold 13-hour sales, or say that everything is 20–50 percent off. People flock to these sales, searching for bargains. Then, after purchasing something, they’ll say, “I saved $40 on this shirt! It was only $35.” But, did they really save $40?

The only time you save money when purchasing something on sale was if you were going to buy it in the first place. Going to the grocery store and finding out that the dishwashing detergent you need is $2.50 rather than $3.25 is saving 75¢. Going to Marshall Field’s and buying a shirt you don’t need and didn’t anticipate buying for $35 isn’t saving $40.

This isn’t to say that you shouldn’t buy things on sale. Purchas- ing on sale is a good idea, especially if you find that you need to spend less money. Just be sure that when you buy something, you need it. Passing on the shirt for $35 that you normally would have bought is saving $35.

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