Local financial expert gives tips on how to start saving money now

DENHAM SPRINGS, LA (LOCAL 33) (FOX 44) - There is a one in 259 million chance to win the Mega Millions, and as for the Powerball, that is one in 292 million according to statistics. Either way, that does not stop people here in south Louisiana from taking the chance. 

"We always think in terms of, if we win the lottery, what would be do with that money. Would we gift that money? Would we quit our jobs or would we maintain the lifestyle we have right now? I do think the lottery brings about a lot of fun and excitement, but when you're thinking in terms of retirement or life-changing events, we shouldn't count on the lottery to get us there," explained Christy Smith, financial expert and founder of Presley Wealth Management. 

Smith said it is best to get a plan now and do not wait. 

"Start saving young, when you think about someone saving at age 25, versus age 35 or age 40 or 50, the younger you are when you start to save, the better we'll be," said Smith. "For example, if you just save $5000 a year beginning at age 25, at age 65, you will have, based on an 8-percent average rate of return about $1.3 million dollars." 

Smith also suggested if you work for a company with a 401 K plan, do not be afraid to enroll. 

"Think about it, what the company gives you in an employer match is free money. So, at least, put in what they're going to match and that will be the start of a saving plan toward retirement," concluded Smith. 

The Mega Millions drawing is Friday at 10 Central Standard Time. As for the Powerball, the drawing is Saturday night at 9:59. 

 

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