Climbing out of poverty with a savings program

[updated on 3/12/2020. Unfortunately, the federal government cancelled the MyRA program.]

Climbing out of poverty requires steady income and a savings program. Money that people earn every week or month is called steady income. If people put some of their income into a bank account, they have a good savings program. It’s impossible to escape poverty without a savings program.

5 Responses to Climbing out of poverty with a savings program

  1. duaimei says:

    The myRA is a new and exciting option that will need to be researched and compared to other investment vehicles.

    I would just like to point out that if you’re disciplined enough, you can open up an IRA at Vanguard for as little as $1,000 for a target fund, or $3,000 for VFINX. Additional buy ins are $100, but you don’t have to have to set up automatic deposits.

    The interest paid out in an online savings account is most likely going to be higher than the bonds, but the myRA is a great way for people to start thinking about their retirement.

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