CNBC Acorns: “The money issue Americans worry about even slightly more than inflation”
CNBC Acorns, May 3 — Marguerita Cheng, CFP® Pro is featured in today’s article by Gabriel Cortés who writes, “The subject of money is weighing on the minds of many Americans. Some 2 in 5 U.S. adults say that money issues negatively impact their mental health, according to a new survey by Bankrate. That should probably come as no surprise, as inflation continues to hover at 40-year highs, but the most common cause of that distress might be: not having enough emergency savings.”
Cortes explains that many financial professionals agree that one of the best ways to stay smart about saving is to automatically have a certain percentage of your paycheck or other deposits go into a savings account. Once that is set, it not only means little to no work on your part but also means you can almost forget that it’s even happening.
“You don’t have to do a lot,” Marguerita Cheng, a CFP and founder of Blue Ocean Global Wealth, told Grow recently. “Even $25 or $50 per paycheck” a good start. That’s because, thanks to compound interest, those $25 or $50 can add up to something big over time, especially if that money goes into a high-yield savings account. Plus, with time, “what was uncomfortable becomes more comfortable,” Cheng says, and you can go from saving smaller amounts to bigger ones.