It is a question not so important how to save, as how to promote the
growth of your savings.
It is sometimes an easy matter to know how to make money, but knowing
how to keep it and especially how to place it where it will earn the
most, consistent with its safe keeping, is a matter that needs careful
consideration.
How many a hard-earned dollar finds its way into some visionary scheme;
is invested in some fictitious, widely advertised enterprise, with
agents on every hand offering glaring profits.
Beware of such financiering. Did you ever hear any of our old
successful financiers diverting their idle surplus into those
investments where almost unlimited profits are assured?
The successful accumulator is not willing to take such chances. They
look too flattering.
You cannot and should not expect something for nothing. Seek the best,
and if it sometimes appears costly, it will always prove cheapest in
the end.
The really judicious investor does not expect the highest rate of
interest, as he is aiming to get gilt-edged securities. Securities
with the largest margins are naturally entitled to consideration and a
lower rate.
The savings bank should only be the primary department in accumulating.
The moment a savings account has grown to a sufficient proportion, the
prudent one will seek a larger field in order to reap the benefit of a
more profitable and safer investment.
But then the question will arise: "What is the course to pursue for one
not having had previous experience in such conservative precautions?"
As the specialist makes a specialty of a certain kind of practice, so
does the expert investor make a specialty of placing money on certain
kinds of securities, and as confidence is the most important factor in
this commercial world, careful inquiry and investigation as to the
reputation and method of such a specialist, should prove relief to this
would-be investor of all anxiety and worry in placing his idle money to
the best advantage.
Think prudently, act judiciously, place your confidence accordingly,
and your success financially will be assured.
November, 1894.