Michael McGee, Financial Planner, Shows Teens in Dearborn, MI How to Save a Million Dollars

May 2, 2009 - PRLog -- Dearborn, MI – Michael McGee, financial planner, recently spoke to a group of young people about saving money.  “How many of you think it would be really hard to save up a million dollars?” asked McGee.  Many hands went up as the kids laughed.  “Ok, how many of you think you can easily save a thousand dollars?”  Oh yeah!  Almost everyone raised their hands.  “Well, just do this $1,000 times and you will have saved a million!  The trick is to be focused on your goal and to keep moving forward.  Once your money is in a savings account, make it stick!  Do not draw it out for a great new game system; don’t blow it on CD’s”

Michael explained how retirement is a time when people can relax and enjoy life without having to work as long as they have planned appropriately.  “Everyone who receives a regular pay check should be saving something; retirement is a long way off, so you have plenty of time.  Start now and you will have plenty of money when you need it.”

One student said, “I work part-time for minimum wage; I’m going to start saving when I get a better job.”  Michael said, “You live at home, you have no bills; therefore, now is a great opportunity to save.  With every pay check you receive, your savings should be growing, even if you are only making very small deposits.  Your goal is to have more money in the bank than you had last month.”

Michael explained how banks allow very low-balance savings accounts for kids under eighteen.  “This is a good opportunity to start saving; your goal is to build your account to at least the minimum balance before you turn eighteen.  If you do well, you can put money into a CD for better interest.  Eventually, you will be ready to seek a financial advisor to help you invest your money so that it grows into a nice nest egg for your future.”

Michael concluded, “Though it seems like saving a million dollars is impossible, realize that it is very likely that one million will not be enough for a healthy retirement.  Start now and you should be able to save much more than that; I can show you how to invest and grow your money when you are ready to begin saving.”

Michael McGee is a retirement planning expert who can help you with your financial analysis and steer you in the right direction with advice as to which type of account(s) you need to establish for your future needs.  Whether you wish to save for a vacation in the next few years, college tuition for children, retirement or long-term health care, Michael can formulate a plan for you.  Read all his articles on wealth building at http://wealthbuildingdetroit.blogspot.com/

Contact:

Michael S. McGee, MBA
Financial Advisor
888 West Big Beaver Suite 850  
Troy, MI  48084
248-720-0300        
Email:  mcgeeaug@comcast.net

This press release was submitted by Right Now Marketing Group, LLC

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