We sent out our survey about savings habits at 6:00 AM, on Tuesday, February 5. Choices were:
- Yes, I have a savings plan.
- Yes, but not as much as I would like to.
- Not yet but I plan to.
- No, I don’t have a savings plan and
- I don’t need to save. (I have enough liquid assets.)
24% responded. Average response rates to surveys are 10% – 15%, so, members and subscribers, congratulations!
By 8:00 PM we see the following:
|1. Yes, I have a savings plan.||
|2. Yes, but not as much as I would like to.||
|3. Not yet but I plan to.||
|4. No, I don’t have a savings plan, and||
|5. I don’t need to save. (I have enough liquid assets.)||
It is interesting to note that 24% of respondents feel that they have sufficient liquid assets that they do not need to save. Nevertheless, it is worth noting that both in Canada and the US there are government-sponsored, tax-advantaged savings programs intended for children’s and grandchildren’s higher education. Looking at the returns, they make great guaranteed investments. Do consider them even if you don’t need to save personally.
Of the various influences on our portfolios, things like interest rates, regulatory matters, taxation, the behaviour of other investors, import and export duties and other forces, our savings habits and the asset allocation which we select are the only factors which we can control. Arguably, saving is the best investment that we can make.
Except for the 5% of respondents who have no savings plan, the Monday Morning Millionaire Program members our doing just fine.