Chip-Stapleton-7-How might someone who has never saved before start building their nest egg
Chip Stapleton explains his approach to helping clients build strong saving habits by starting small—automating as little as $12.50 a week—and gradually increasing the amount until they’re saving 20% of their income without feeling the pinch.
Video Transcript
Usually what I do is I try to get them addicted to saving. It'll start with, okay, let's just start with fifty bucks a month. So we'll save, there's four weeks in a month, we're gonna save twelve twelve dollars and fifty cents a week into this other account automatically. Set up so your bank automatically moves it every single Friday or whatever day you want.
And then at the end of the month, see how you feel. You should have fifty bucks in that account. Do you have fifty bucks in that account? Yes.
Cool.
How did it feel? Like, did you notice that fifty bucks was gone?
No? Perfect. Next week, let's move twenty five bucks a week instead of twelve fifty. So now we're gonna have a hundred dollars. So by the end of the second month, we should have a hundred and fifty.
And then slowly over time, you keep increasing that to the point where you're saving that twenty percent.
