How to grow your personal savings

Financial expert Keon Jordan shares a few tips to help grow your personal savings:

It’s never too early or too late to start saving.
Save a portion of your salary to buy shares. Consider opting in to an Employee share or stock ownership plan, if your company offers it.
Set up auto-payments and don’t touch it

A key financial learning I would like to share is around savings. Now the first point here I would like to emphasize is it's never too early or too late for that matter to start saving. My parents had me saving from my first job in high school. But I really started saving seriously when I received my first job at the university. It was here I was introduced to what many organizations call an employee share or stock ownership plan. Basically, it's an employee benefit plan that gives the employees ownership interest in the company.

I would save a portion of my salary towards purchasing company shares, which would be placed in some sort of retirement investment vehicle, and the company would normally match up to a certain percentage of what I saved. Essentially, the organization provided a major incentive to help its employees save for their future. The key to the program for me though was to partake in the program immediately. But more importantly, it was to set an amount to be saved and withdrawn automatically by the company into the investment vehicle and to not touch it.

This approach has helped me save an ample amount towards my retirement. Thank you for taking the time to watch this video. I hope you feel more confident about your personal finances. Be sure to check out other videos on Compass to continue your learning. What do I do with my money? I go to the mall. PRODUCER: [LAUGHS] I actually do.

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