THE HABIT OF SAVING 281The habits of early childhood cling to us all through life.
Fortunate indeed is the child whose parents have the foresight, as
well as the understanding of the value of the savings habit as a builder of
character, to instill this habit in the minds of their children.
It is a training that yields rich rewards.
Give the average person a $ 100 windfall and what will become of it?
Why, the lucky person will begin to ponder how to spend the money.
Dozens of things that are needed, or are perceived as being needed,
will flash into that person's mind, but it is a rather safe bet that it will
never occur to the recipient (unless he or she has acquired the savings
habit) to make this $ 100 the beginning of a savings account. Before
night comes, the $ 100 will be spent, or at least a decision will have been
made as to how to spend it, thus adding more fuel to the already too
bright flame of the habit of spending.
We are ruled by our habits!
It requires force of character, determination, and the power of firm
decision to open a savings account and then add to it a regular, even if
small, portion of all subsequent income.
There is one rule by which anyone may determine, well in advance,
whether or not financial freedom and independence, which is so uni-
versally desired, is attainable. And this rule has absolutely nothing to
do with the amount of one's income.
The rule is that if you follow a systematic habit of saving a definite
proportion of all money you earn or receive in other ways, you are prac-
tically sure to place yourself in a position of financial independence. If
you save nothing, you are absolutely sure never to be financially independent)
no matter how much your income may be.
The one and only exception to this rule is that someone who does
not save might possibly inherit such a large sum of money that he or
she could not spend it, or might inherit it under a trust which would
protect it, but these eventualities are rather remote. So much so, in fact,
that you cannot rely upon such a miracle happening to you.