What a well-off couple learned from cutting consumer habits
A software engineer and professional fundraiser in Boston decided four years ago to purge some of their consumerist habits to save more than 70 percent of their salaries. The result was a big...
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>> Sreenivasan: FOR MANY FAMILIES, SAVING MONEY IS A STRUGGLE. THE PROBLEM IS SO SEVERE, THE FEDERAL RESERVE FOUND THE AVERAGE AMERICAN SAVES ONLY ABOUT 3% OF THEIR INCOME, AND NEARLY HALF OF U.S. HOUSEHOLDS CAN'T COME UP WITH $400 TO COVER AN EMERGENCY WITHOUT BORROWING OR SELLING SOMETHING. TONIGHT, WE ARE INTRODUCE YOU TO A FAMILY WHO TOOK THE POWER OF SAVING TO A WHOLE NEW LEVEL. THIS WORKING COUPLE IN BOSTON HAD A COMFORTABLE, UPPER-MIDDLE CLASS LIFESTYLE, AND THEN MADE A DRASTIC CHANGE. THEY SCRIMPED AND SAVED SO MUCH MONEY, THAT IN THEIR EARLY THIRTIES, THEY WERE ABLE TO STOP WORKING ALTOGETHER. "NEWSHOUR WEEKEND'S" CHRISTOPHER BOOKER REPORTS. >> Reporter: SO IS THIS A TYPICAL MONDAY, TUESDAY, WEEKDAY? ...
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>> Sreenivasan: FOR MANY FAMILIES, SAVING MONEY IS A STRUGGLE. THE PROBLEM IS SO SEVERE, THE FEDERAL RESERVE FOUND THE AVERAGE AMERICAN SAVES ONLY ABOUT 3% OF THEIR INCOME, AND NEARLY HALF OF U.S. HOUSEHOLDS CAN'T COME UP WITH $400 TO COVER AN EMERGENCY WITHOUT BORROWING OR SELLING SOMETHING. TONIGHT, WE ARE INTRODUCE YOU TO A FAMILY WHO TOOK THE POWER OF SAVING TO A WHOLE NEW LEVEL. THIS WORKING COUPLE IN BOSTON HAD A COMFORTABLE, UPPER-MIDDLE CLASS LIFESTYLE, AND THEN MADE A DRASTIC CHANGE. THEY SCRIMPED AND SAVED SO MUCH MONEY, THAT IN THEIR EARLY THIRTIES, THEY WERE ABLE TO STOP WORKING ALTOGETHER. "NEWSHOUR WEEKEND'S" CHRISTOPHER BOOKER REPORTS. >> Reporter: SO IS THIS A TYPICAL MONDAY, TUESDAY, WEEKDAY? ...
