Definition
The percentage of your income that you set aside for saving rather than spending.
What to consider
- Decide what percentage of your income you can realistically save.
- Automate transfers to make saving a habit.
- Review your progress periodically and adjust as needed.
Real world scenarios
- Determined to build wealth, Ethan increased his savings rate by automatically transferring 15% of his paycheck to his savings account each month.
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