OPEN A SAVINGS BANK ACCOUNT
If you ever hope to be considered a thrifty citizen, a man to be looked up to, you must exhibit some financial standing.
You can do this by opening a savings bank account. A man who has a bank account is never ignored, whether his account is large or small. It means something substantial, and you feel more like holding up your head and looking at the sun without a smoked glass.
Many people save their money, or think they do, by hiding it away in the bottom of a trunk, burying it, or carrying it around in their pocket. These people generally lose their money because it is as easily accessible to others as well as to themselves.
Banks are safe institutions at the present day, but not a bank run by private parties for their own benefit. You must not be deceived by glowing promises of returns on your money, for they always come from those who are scheming to get it away from you without returning it.
There are all sorts of tricky people roaming about looking for those who have a little money saved up and who are afraid to put it into a savings bank. Do not listen to them for you will be deceived. You can not take up a newspaper without reading about some man or woman who has been defrauded of the little money hoarded in a tea pot, or burned up in an old stove, dug up from some secret hiding place under a tree, or picked from his pocket by an enterprising thief.
Trust your money to first-class savings banks and it will be there when you want it, and it can not be lost or stolen. The bank is responsible.
“Some banks burst.” True, but not a good bank, the shady ones always fail when they get a good sized roll.
If you do not know enough to put your money in a safe place, you do not deserve to have any, and you generally do not.
SAVE YOUR MONEY AND MAKE IT WORK FOR YOU
There is one open opportunity that everybody can take if he wishes to do so, and with very little exertion on his part.
The man who makes his money earn money for him relieves his own back of many heavy burdens.
To do this is the object and aim of every go ahead person, and there are many men who walk our streets who have money making money for them, even while they sleep.
All you have to do is to save your dollars instead of giving them away for somebody else to work with—work them yourself.
It is worth knowing that when you squander, or spend unnecessarily, one dollar, you are at the same time parting with a servant that will bring you in profitable returns—you are killing the goose that lays golden eggs.
Stop and think that whenever you part with one dollar you are sacrificing two or more dollars, some say, five or ten, for the reason that in the course of a few years, your dollar will earn you several other dollars by being put out at interest, or in bonds that pay good rates of interest.
It is a comforting thought to know that when you can not work, your money is working for you every moment.
The following tables will show you just what it does:
| TIME IN WHICH MONEY DOUBLES. | ||
|---|---|---|
| Per Cent | Simple Int. | Comp. Int. |
| 2 | 50 years | 35 years |
| 2½ | 40 years | 28 yrs. 26 da. |
| 3 | 33 yrs. 4 mos. | 23 yrs. 164 da. |
| 3½ | 28 yrs. 208 da. | 20 yrs. 54 da. |
| 4 | 25 years | 17 yrs. 246 da. |
| 4½ | 22 yrs. 81 da. | 15 yrs. 273 da. |
| 5 | 20 years | 14 yrs. 75 da. |
| 6 | 16 yrs. 8 mos. | 11 yrs. 327 da. |
| 7 | 14 yrs. 104 da. | 10 yrs. 89 da. |
| 8 | 12½ years | 9 yrs. 2 da. |
| 9 | 11 yrs. 40 da. | 8 yrs. 16 da. |
| 10 | 10 years | 7 yrs. 100 da. |
| Daily Savings | Result |
|---|---|
| One cent | $ 950 |
| Ten cents | 9,504 |
| Twenty cents | 19,006 |
| Thirty cents | 28,512 |
| Forty cents | 38,015 |
| Fifty cents | 47,520 |
| Sixty cents | 57,024 |
| Seventy cents | 66,528 |
| Eighty cents | 76,032 |
| Ninety cents | 85,537 |
| One Dollar | 95,041 |