Your Money: Biggest wealth factor is a ‘savings’ mindset

As a future adult and retiree, this mean to me that saving might not be a good idea, but it is the only way of getting a safe wealth with a lower-income. With the college financial aid formulas, families of student that dose have, a high saving does not get much aid as families of student that doesn’t have a high saving.

Having a good saving does not always mean is a good thing. This financial aid formula also goes with tax structure. While high-income families with lesser saving get the benefit of financial aid. Both the financial aid formula and the tax structure penalize the successful saver and reward the spender. However, saving over time still guarantee that my children will be able to go to college even though they don’t have as much financial aid, and more taxes to pay. People with modest means can become wealthy the safest way is to start saving your earnings, and with time the saving can be a relatively large amounts. People with low-income, but higher saving over a lifetime face higher taxes on social security, and might not get government care system such as Medicaid. t, but you can also get a lot of money. This means that, low-income families that save for their children to go to college get penalize for having a high saving.