How would you convince people to save money?

In a society that doesn't save enough for retirement or for a rainy day, how would you propose to convince people to save money?|||I work in the financial service industry and I don't need to convince people to save money. People know what's going on with their money, they just need someone to show them what to do. I go to people's homes and people tell me their situation. I look at what they are currently spending on and recommend solutions on how to save money.





For example, lets say a client have life insurance with $100,000 coverage and he spend $2000/year on it. I have a solution that can lower his premiums to $1000/year and be able to keep the same coverage.





Or the client have a mortgage payment of $1500/month with 28 years left to pay on it. I have a solution that can lower your monthly payment to $1000/month and help you pay it off in 21 years.





From these two products alone, I show what the client can do with the money I saved them. First, I would apply some of the savings toward the mortgage payment to lower the principal. As for the rest, I would show the client on how to invest it. I would show them the Dollar Cost Averaging concept and the value of investing on a monthly basis. From those two examples, I saved that client about $583/month. If the client invest $583/month with a 12% rate of return, in 20 years he will have $582,503. If the client invest just $300/month with a 12% rate of return, in 20 years he will have about $300k.





When I sit down with the client, I find out what their needs are and what their goals are. Then I put together a financial need analysis (FNA). The amount I saved them may not be enough for their retirement. So what I do next is a budget worksheet to help them cut down on their spending. If that's still not enough savings, I offer them a career opportunity and they can work part-time or spare-time while keeping their full time job.|||Be mindful!|||I wouldn't even try, it's their life and I have no right to interfere. If they asked for advice, then they wouldn't have need for convincing.|||Start at a very young age first.


Teach that every single thing in life costs money.


Teach children to save their money whether they earn it or it's given as a gift.


Then, show how it works. When we need or want something, we go out and shop and then pay for it.


It's important to teach that in this world, we work for our money and then we spend our money.


A person needs to understand the basic concepts


of earning, saving and spending wisely at a young age.


I think when you spend the money you earned you will understand how it all works as opposed to having all bought for you.|||Don't bother, dude. You're not going to be successful doing that. People now have the attitude "enjoy your life to the max". They don't even know what saving is. I just heard that the average person in N. America saves only 1 % of their income. So, I say the hell with them, let them screw themselves up.