SAN FRANCISCO (KGO) -- Think you have to give up lattes and vacations to have a secure financial future? Michael Finney has another 7 On Your Side Quick Tip for you!
Financial advisers often tell us that we should save money on some of life's smaller niceties in order to have a secure financial future.
But recent studies show that those who are "super savers," those who actually end up with that secure financial future, don't do that. What they do, is they live in a modest home. Where the majority of us spend about 25% of what we make on housing, they spend only 14%. They also drive older cars. The rest of us drive cars that are somewhere between five and seven years old.
So, when you're looking toward a secure financial future, you might want to think about what the bank robber Willy Sutton told a reporter. A reporter asked him, why do you rob banks? And he said, "That's because that's where the money is."
And that's where you should save, too -- where the money is.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.
QUICK TIP: What do 'super savers' do differently?
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